New York, NY (Vocus) June 22, 2010
Vocus) June 21, 2010 -- SunGard has launched a managed hosting services delivery model for its iWorks Prophet enterprise actuarial solution. Offering iWorks Prophet via managed hosting services helps reduce upfront investment and maintenance costs for customers of the solution and helps speed processing time.
iWorks Prophet managed hosting services uses a client-server, grid-enabled infrastructure to help improve calculation bandwidth and computing power. This helps customers support complex modeling requirements for regulations such as Solvency II. Improved performance also helps reduce the amount of time needed for insurers to meet extensive reporting requirements, also driven by regulations, which can take days or weeks to execute.
SunGard‘s iWorks Prophet managed hosting services is a full service offering including application support, consulting services as well as disaster recovery, business continuity services and service level agreements on a 24/7, 365 day a year basis.
Delta Lloyd is one of the first iWorks customers to use the new managed hosting services capability. Norbert Hilhorst, manager of Actuarial and Risk Management at Delta Lloyd, said, “Our year-end model run must complete in 30 days but it was taking 60 days with our previous installation. SunGard provided us with a capacity of 72 cores in the remotely accessed iWorks Prophet managed hosting services environment. Some of the stochastic model runs, which were previously completing in 9 hours, now finish in 40 minutes. We are pleased to say that the process went smoothly and in a time-frame we never anticipated possible.”
J.P. James, executive vice president of SunGard’s iWorks business unit, said, “It can be quite costly and time consuming for an insurance company to build the required infrastructure needed to support intensive modeling. With the pressure to produce results in a very short time, the managed hosting services capability for SunGard’s iWorks Prophet will help customers cost-effectively and quickly implement a robust risk calculation, modeling and reporting framework.”
About SunGard’s iWorks
SunGard iWorks is a business-driven IT product suite for the insurance industry in each of the following major business lines: life/health/annuities/pensions, property and casualty and reinsurance. iWorks offers a range of products and services including front-office tools, policy administration, reinsurance, actuarial calculations, financial accounting, investment accounting, and reporting. SunGard partners with customers to deliver products and services that align with changing business and regulatory needs. For more information, visit SunGard iWorks at http://www.sungard.com/iworks.
SunGard is one of the world’s leading software and technology services companies. SunGard has more than 20,000 employees and serves 25,000 customers in 70 countries. SunGard provides software and processing solutions for financial services, higher education and the public sector. SunGard also provides disaster recovery services, managed IT services, information availability consulting services and business continuity management software. With annual revenue exceeding $5 billion, SunGard is ranked 380 on the Fortune 500 and is the largest privately held business software and IT services company.
Trademark Information: SunGard, the SunGard logo and SunGard iWorks are trademarks or registered trademarks of SunGard Data Systems Inc. or its subsidiaries in the U.S. and other countries. All other trade names are trademarks or registered trademarks of their respective holders.