SunGard today announced that it has entered into a collaborative agreement with Barrie & Hibbert, a leading financial risk consultancy, to offer a comprehensive solution for insurance companies undertaking asset liability and stochastic modelling.
The new offering, which combines SunGard's iWORKS Prophet solution with Barrie & Hibbert's new generation of Economic Scenario Generators (ESG), will help insurers to meet the challenges of future reporting, such as Solvency II, and better manage their risk exposures.
The agreement will see SunGard's enterprise-wide actuarial modelling system integrated with Barrie & Hibbert's ESG, providing mutual customers with an integrated stochastic valuation solution to help them address their technological and actuarial needs.
AMB Generali, group chief life & health actuary, Laszlo Hrabovszki, said, "We are very pleased to see Barrie & Hibbert working so closely with SunGard. We believe this collaboration will provide significant benefits to insurers such as ourselves who are looking to develop sophisticated risk management solutions and embed those solutions into their normal business processes."
"We are very excited by this opportunity to work closely with SunGard to develop more sophisticated risk management and valuation solutions for our customers," commented Andrew Barrie, chief executive of Barrie & Hibbert. "We already work closely with two thirds of the European insurance industry, and this development provides a further opportunity to put our pioneering modelling work at the disposal of leading insurers and their customers."
Marc Fakkel, head of operations for SunGard's iWORKS Prophet business unit, said, "We are pleased to be working in collaboration with Barrie & Hibbert, and look forward to working and developing this relationship in the future. The combined strengths that this agreement brings will help us to meet our strategic vision and deliver greater value and efficiencies to our customers."