Five options to help actuarial and account processes meet IFRS-17 deadlines

Actuarial compute solutions are what keeps insurance companies in business. The legally required reporting can only be done at scale by employing thousands of server cores for workloads like monthly and quarterly valuation and production reporting. With these compute-intensive workloads, actuaries need the elasticity of the cloud. Azure offers a variety of compute options, from large machines with hundreds of cores or thousands of smaller standard machines with fewer cores. This scalability means you can use as much compute power as needed to finish your production runs with enough time to spare to correct an error and rerun before a deadline.

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Microsoft supports a range of actuarial compute solutions running on Azure including popular life actuarial partner platforms from Milliman, Willis Towers Watson, FIS, and Moody’s. All of these companies are experienced in both policy reserving and project modeling. Many life insurance companies today use at least one of these platforms, some of the largest insurance companies use parts of all of them. Partner solutions built on Azure provide different options for model creation and model modification. The solutions are flexible and support customization of both the model and the cloud environment. 

The new regulation, IFRS-17, adds new levels of reporting and controls to the actuarial and account processes for all insurance companies that are covered by it. These changes require many companies to re-evaluate and upgrade their actuarial applications and platforms. By utilizing an Azure partner, the insurance company relies on an industry leading cloud-platform teamed with top solution providers.

The following is a set of solutions and resources to help you work towards IFRS-17 rollout, as well as moving your actuarial compute to the cloud:

  • Integrate is a solution from Milliman. Milliman anticipates large changes in calculation needs throughout all phases, product development, valuation, Cashflow Testing, and other projection work because of IFRS-17 for companies that fall under this new internal account standard for insurance. 
  • RiskAgility FM, from Willis Towers Watson (WTW).  WTW believes that most insurance companies will build onto their existing actuarial modeling system to solve for key values needed to meet the IFRS requirements. RiskAgility from WTW offers the flexibility to wrap around valuation and modeling solutions from other software providers, while adding all needed controls and governance. It also manages the additional data storage and calculation loops required under IFRS-17.
  • Prophet Managed Cloud Service from FIS. The Prophet IFRS-17 suite of solutions are built on the existing Prophet functionality and allows users to meet IFRS requirements while using existing Prophet models and data feeds.  The new components add the needed end-to-end control and reporting functionality with all additional looping and data feeds.
  • RiskIntegrity is a solution from Moody’s Analytics RiskIntegrity IFRS 17 offers insurers an automated, secure, and flexible solution for managing a complex, data-intensive process and performing key calculations, helping to bridge actuarial and financial reporting functions. It integrates with the Moody’s Analytics AXISTM actuarial system and is fully compatible with other actuarial systems.
  • Want to learn more about options for moving your actuarial compute and modeling to the cloud, as well as meeting IFRS-17 requirements? Access the actual risk modelling use case, solution guide, and more resources.

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Source: Azure Blog Feed

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