FIS - Life, Health and Annuities: FIS Insurance Risk Suite
Type of System
- Asset/liability management
- Capital modelling
- Data management
- Economic / risk scenario generator
- End-to-end ERM
- IFRS 17 solution
- Internal/external reporting
- LDTI solution
- Pricing
- Reserving solution
- Solvency II solution
- Stress and scenario testing
- Other global regulatory and accounting standards
Type of platform
- Cloud
- Desktop-based
- Grid
- SaaS
- Server-based
- Web-based
Other features - does your offering facilitate
- Curve-fitting
- LDTI
- Least-squares Monte Carlo
- NAIC Principle-based reserving
- NAIC RMORSA
- Replicating portfolios
- Solvency II internal model
- Solvency II standard formula
What are the typical implementation costs?
Implementation costs vary depending on the scope of the project. Most new clients moving to our system opt for our managed public cloud service, which makes for a much more streamlined implementation.
For an on-premise installation, costs vary according to how much of the end-to-end suite that a client has licensed and the risks and regulations the firm is looking to meet. Thanks to our extensive actuarial libraries, which cover life, health and annuities, as well as an extensive range of regions and regulations, clients can build new models very quickly.
The libraries cover most of the developed and developing insurance markets globally, as well as a range of products and regulations. Therefore, clients can build new models very quickly for managing their risk, launching new products and complying with regulations by using extensive out of the box functionality.
How long does your software take to implement on site?
Again, implementation timeframes vary according to the project’s scope and whether the solution is hosted in our managed cloud or on premise. But extensive out-of-the-box functionality and actuarial libraries make it easier for insurers to rapidly deploy our solution and develop risk models to meet internal risk needs as well as manage solvency regimes, IFRS 17 and LDTI.
Please name companies that use the system/solution
We have over 1,000 customer sites around the world in more than 80 countries using the solution. We do not disclose all of our customers but a range of case studies is available.
Do you have an open API?
Yes
Does your solution incorporate AI technology? How?
AI is on our product roadmap.
Most recent significant update:
Various enhancements across the suite, but recent highlights include a new deployment method for receiving regular engine updates, and increased flexibility in distributing the processing of complex models.
Planned future enhancements:
Core focus areas remain cost reduction, security and resilience, as well as user experience. We are exploring the adoption of AI to assist with all of these areas.
How does your solution integrate with third-party systems or in-house systems?
Integration with third party systems is supported directly through APIs, plugins or dedicated connectors, as well as the ability to apply custom transformations of data inputs and outputs.
What is the key attribute of your product(s) that differentiates it from your competitors?
Best overall actuarial modelling solution for insurers of all types and sizes globally, with actuarial libraries to support different product types, regions and regulatory requirements.
What trends are you seeing in terms of customer demand?
Market proven solutions balancing the latest technology with flexibility, standardisation, transparency and easy of learning.
Contacts
Martin Sarjeant
Head of Risk Solutions Management and Strategy
Email: [email protected]
