Atlanta, GA (PRWEB) November 19, 2012
SunGard’s iWorks Prophet actuarial risk modeling solution has been named a best-in-class in all four categories in CEB TowerGroup’s “Actuarial Systems Product Rankings”* published in October 2012. iWorks Prophet received a best-in-class designation for Actuarial Tools, Risk Mitigation Tools, Enterprise Experience and Enterprise Operations.
According to the “Actuarial Systems Product Rankings” report, CEB TowerGroup utilized qualitative and quantitative data to identify 21 attributes that define a “Best-in-Class” Actuarial System. Among the key differentiators of iWorks Prophet that contributed to its best-in-class assessment, as cited in the report, include:
- Actuarial Tools: Configurable validation tools, flexible parameters, and performance modeling using an extensive range of actuarial libraries
- Risk Mitigation Tools: Support for all major global regulations, an experience analysis system for interpreting data and comparing results, and help reducing risk by separating test, development and production environments
- Enterprise Experience: Highly configurable software, integration to upstream and downstream systems, and global enterprise capabilities to help meet regional and regulatory needs
- Enterprise Support: Highly trained and experienced staff, system deployment flexibility, vendor stability and an extensive range of products
CEB TowerGroup research director Samuel Stuckal said, “Actuarial systems are mission-critical to insurers for managing and modeling risk for specific products and across their entire investment portfolio. Low earnings and high volatility make risk management even more difficult, while regulations continue to tighten, especially from new actuarial reserving standards that consider historical data and many random economic scenarios. Actuarial systems providers need to be able to support complex and changing compliance standards, leverage high performance technology platforms to increase speed and agility, and offer support functions to fill knowledge gaps and generate savings.”
John Winter, director of product management, SunGard’s iWorks Risk solutions, said, “Today’s actuaries need to respond quickly to changing market conditions and regulatory pressures. iWorks Prophet helps provide them with a flexible modelling environment that supports rapid modification, without compromising the controls needed for sound data governance. It also helps ensure that the results of modifications can be readily accessed by a wide audience, while tools such as Prophet Analytics help our customers understand what these results mean.”
- CEB TowerGroup, Actuarial Systems Product Rankings: CEB, 2012, Pages 2, 4-7.
About SunGard’s iWorks
SunGard’s iWorks is a business-driven IT product family 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 and investment accounting and reporting. SunGard partners with customers to help deliver products and services that align with changing business and regulatory needs. For more information, visit http://www.sungard.com/iworksinsurance.
SunGard is one of the world’s leading software and technology services companies. SunGard has more than 17,000 employees and serves approximately 25,000 customers in more than 70 countries. SunGard provides software and processing solutions for financial services, 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 of about $4.5 billion, SunGard is the largest privately held software and services company and is ranked 480 on the Fortune 500. For more information, please visit http://www.sungard.com.
Trademark Information: SunGard, the SunGard logo and 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.
© SunGard 2012. All rights reserved.
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CEB does not endorse any vendor, product or service depicted in our CEB TowerGroup publications and does not advise technology users to select only those vendors rated “best in class.” CEB TowerGroup research publications consist of the opinions of CEB TowerGroup’s analysts and should not be construed as statements of fact. CEB disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.