As insurance companies in North America continue to face unprecedented actuarial, accounting and compliance challenges, FIS and Actuarial Resources Corporation (ARC) have joined forces to help clients get the best from their risk management systems and processes.
On top of complex regulatory change in the form of LDTI and PBR in the U.S. and IFRS 17 in Canada and Mexico, insurers are increasingly under pressure to improve internal risk management. To help manage these complexities with greater efficiency, scale and governance, FIS and ARC will work together to implement FIS’ multi-award-winning Prophet risk management solution for clients across the region.
FIS has enhanced Prophet’s end-to-end solution suite to provide a strong foundation for compliance with LDTI, PBR and IFRS 17. With its continually extended combination of out of-the-box solutions and open, transparent configurability, Prophet is designed to meet clients’ specific needs while delivering business value.
Drawing upon a wealth of consultancy expertise with North American insurance products and regulations, plus over 15 years’ experience of implementing Prophet, ARC is ideally equipped to help tackle the issues that insurers in the Americas are wrestling with today.
Now, the official alliance formed between FIS and ARC can ensure a best-in-class experience with the Prophet end-to-end solution. Jointly, the two firms will allow clients to look beyond regulatory compliance obligations to produce analytics and process enhancements that support management decisions.
Martin Sarjeant, SVP, Product Management Group Executive, Insurance, FIS, says, “Immense pressures over the last 15 months have exposed weaknesses in insurance risk management systems and solvency regimes. With LDTI and IFRS 17 compounding the challenge, there is an unprecedented need to upgrade and strengthen actuarial and finance systems. The new alliance with ARC is designed to help insurers do just that.”
“By combining FIS’ award-winning solutions and services for LDTI, IFRS 17 and actuarial modelling with ARC’s Prophet and actuarial implementation expertise, we can help our clients streamline their projects to meet today’s and tomorrow’s needs. I am delighted to extend our relationship with ARC, who we’ve been working closely with for over 15 years, and start a significant new chapter in our shared history.”
Chris Peek, President, ARC, says, “By working closely with FIS, ARC will increase its ability to provide the very best Prophet professional services for both new and existing customers. For new customers, the ‘day one’ customer experience will benefit from engaging with the combined ARC and FIS team and their unparalleled ability to deliver a full range of implementation services supporting the entire Prophet suite of products. ARC and FIS have a long history of successful collaboration and we are looking forward to strengthening that relationship through our new alliance.”
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