General / P&C Insurance

Prophet GI 2023 Q4

GI Reserving Interface 2023 Q2 SP3 application

The new GI Reserving Interface application is a brand new application supporting the Prophet GI Reserving library.

Addition of a Global Results tab showing results and user defined metrics by business level
Additional metric reporting on Summary Results showing user defined time series metrics
Enhanced metric reporting on Method Results to show key metrics
Additional link ratio reporting on Linked Variables for development pattern link ratios and link ratios by development period
Addition of Aggregated Reserve total to business level summary

GI Library 2023 Q4

The recent GI library updates support the new Reserving Interface and align IFRS 17 calculations and processes to the IFRS 17 Toolkit

GI Capital Modelling (GICM)

Enhancement of model point processing for deterministic calculations to support model point split processing methods
Addition of option to include per policy claim reserve estimates in a model point approach, for example for per policy case estimates
Addition of option to include per policy proportion of earned premium reserve estimates in a model point approach, for example IBNR per policy allocation
Update IFRS 17 example to use the 2022 Q4 IFRS 17 Toolkit
Option to use time zero IFRS 17 locked in discount rate from current or locked in rate table
Addition of IFRS 17 example using Prophet GI Reserving results in Prophet GI Capital Modelling and IFRS 17 reporting
Addition of IFRS 17 functionality to separately report incurred claim reserves between IBNR and case estimate RBNS components
Addition of option to manage discount rate bases using user specified tables
Upgrade example Excel templates to use Multi_Result function for additional flexibility
Significant optimisations of key parts of calculation intensive modelling areas

GI Reserving (GIR)

Addition of alternative Berquist-Sherman methods and example Excel template
Addition of Frequency and Severity method alongside existing Average Cost Per Claim method
Enhancement to Cape Cod method to support both Generalised Cape Cod and Stanard and Buhlmann original versions
Addition of option to interpolate development patterns to a more frequent development period, for example using an annual period triangle to calculate a monthly development pattern and hence reserves and cashflows
Enhancements to better support Reserve Models using triangles with different origin and development periods
Addition of enhanced user specified metric calculations to support metric reporting in the Reserving Interface
Addition of functionality to support new features in the Reserving Interface
Addition of DCS Example 2 data processing using an Excel workbook source based on the new data structures

The minimum required version of PP or PE for Prophet GI 2023 Q4 is 2022 Q1 SP2.

FIS has extended its established expertise in risk modelling and data management to the non-life industry with FIS Insurance Risk Suite - GI Edition.

Running risk models themselves is only one side of the operational challenge for general insurers. In addition, data preparation, assumptions and parameters, and data loading need to be well managed. Similarly, model results need to be collated into a suitable database, and transformed into easily consumed business intelligence reports and dashboards.

Insurance Risk Suite - GI Edition represents a complete end-to-end risk modelling solution to these problems, helping insurers meet regulatory requirements and reduce over-reliance on spreadsheet solutions.

In addition to providing the core reserving and capital modelling functionality, data management and business intelligence capabilities, as well as dedicated actuarial and technical services, help actuaries and risk officers improve insights into their business. Enhanced transparency and control increase process efficiency and reduce operational risk.

Quick to deploy, and designed with flexibility and ease of use as key considerations, Insurance Risk Suite - GI Edition helps non-life insurers produce key financial modelling reports, with the ability to handle economic scenario and catastrophe model output data from major external suppliers.

As it is based on the FIS Insurance Risk Suite software platform, Insurance Risk Suite - GI Edition offers a range of consolidation benefits for multi-line insurers that want the operational efficiency of an integrated modelling approach.

To help customers optimize their use of Insurance Risk Suite - GI Edition and to gain the maximum operational benefit, FIS provides comprehensive consulting and service packages. More information on these services can be viewed here.

More information on the capital modelling and reserving applications is available in the following material:

Product Sheet: Insurance Risk Suite - GI Edition	Product Sheet: *Reserving*	Interactive infographic:
Datasheet: *Capital Modelling*	Datasheet: *Reserving*	Brochure: *Prophet GI for IFRS 17*