Prophet GI is FIS' new risk modelling solution for general/P&C insurers, consisting of capital modelling and reserving applications.
The Prophet GI Capital Modelling Library and its dedicated user interface, Prophet Forms, provide a capital modelling solution that implements commonly used methods and approaches within non-life insurance. The modelling methods incorporate Monte Carlo and Latin Hypercube simulation techniques to produce full distributions of modelled variables. Relationships between variables can be modelled using copula functions, and the results comprise full cashflow projections, revenue accounts and balance sheets, as well as capital calculations and support for global reporting regimes (including UK, Solvency II, SAM and US).
Available with Prophet 8.2.3 and later, Prophet Forms enables the user to easily create tables for analysis and subsequently view the results generated by the model run. It facilitates the assumption entering process, presenting the tables as questions rather than simple data entry. Prophet Forms can be designed to be interactive - depending on the user response, other parts of the table become available. The Prophet Forms Designer application allows users to customize their own interfaces, and a Prophet Forms Pack of example templates helps the user get started and develop capital models faster.
Details on the Capital Modelling application are available within the Prophet GI Capital Modelling datasheet here
The Prophet GI Reserving Library and its reserving interface provide a reserving solution that likewise implements methods and approaches that are widespread within general insurance. The reserving methods are built around development factors and patterns. The interface and calculations provide full flexibility to choose exactly which development factors to use and how to combine them.
More information can be found within the Prophet GI Reserving datasheet here
Stochastic formulaic and simulation methods are available to provide insight into how results can vary depending on emerging conditions. Prophet GI’s reserving application includes stochastic simulations of claims reserves; Prophet GI’s capital modelling application includes stochastic simulation of both claims reserves and premium reserves.
View the latest white paper here: Capital Modeling Unleashed: Doing more, better, faster to optimise enterprise performance - Neil Covington