Zurich Insurance Group (Zurich), a leading global, multi-line insurance provider, has adopted SunGard's iWorks Prophet Managed Hosted Service (PMHS) across multiple European countries to help enhance the efficiency of its actuarial modeling operations.
A long-standing user of iWorks Prophet, Zurich is migrating the Prophet Enterprise platform to iWorks PMHS to help drive smarter operations, by improving the speed of its model analyses and the quality of its Solvency II-compliant reporting. In addition, iWorks Prophet Managed Hosting Service will help the firm spend less time on non-value-added IT functions and more time analyzing model results to support risk management and strategic decisions.
"We chose SunGard because it provides the model operating environment and the supporting infrastructure and services as a consolidated solution under one roof. With SunGard's iWorks Prophet Managed Hosted Service, we can start working with Prophet Enterprise as a production system very quickly across multiple locations, with minimal disruption to the business. This improved environment will help us focus more on interpreting model output to support our decisions around risk." - Stephan Ommerborn, head of Global Life Actuarial Services, Zurich Insurance Group.
"Insurers are under pressure to extract ever-greater performance from actuarial models while managing costs. A managed hosted service around an optimized production environment helps insurers build smarter operations that more effectively drive growth." - Grant Dewar, chief operating officer and executive vice president, SunGard's insurance business.
iWorks PMHS offers enterprise-level reporting, multi-user management and process automation. While Zurich will control iWorks Prophet Enterprise using the solution's standard web interface, SunGard will manage the infrastructureincluding the databases, the web server and the calculation coresin its secure data centers. Adopting an efficient, best-practice approach to actuarial risk modeling will also help Zurich's risk actuaries and leaders focus more on critical business activities, while SunGard manages the necessary technical operational infrastructure.