As part of Mexico's implementation of a risk-based insurance solvency system, the Mexican Association of Insurance Institutions (Asociación Mexicana de Instituciones de Seguros, AMIS) has chosen SunGard's iWorks Prophet actuarial modeling solution to develop a risk model based on the European Solvency II model. The model will be used for long-term Life portfolios for the Mexican market using data from one of Mexico's insurance institutions.
AMIS will also use iWorks Prophet to evaluate the capability to implement internal models by individual Mexican insurance companies.
"With the new solvency mandate, there is an urgent need for insurance companies in Mexico to prove compliance under a very challenging time scale. The goal of AMIS is to help insurance companies to develop the necessary capabilities to become compliant by the April 2015 deadline. SunGard is supporting AMIS in this effort by providing the risk models used in Europe in order to compare the impacts within a life insurance portfolio versus those obtained by the National Insurance and Surety Commission of Mexico (CNSF) model." - Dra. María de los Ángeles Yáñez, Directora de Desarrollo y Proyectos Estratégicos, Asociación Mexicana de Instituciones de Seguros (AMIS)
"SunGard is pleased to accept AMIS´ invitation to apply its expertise in the European solvency model for the long-term Life portfolio in Mexico. This will help AMIS contrast results with its local regulatory model to find opportunities to improve the model, as well as develop and propose new models to regulators and AMIS members." - Bill Diaz, president, SunGard's insurance business
"The regulatory changes in Mexico are prompting insurers to look at their risk management systems and processes to better run calculations, deal with data aggregation challenges, and provide better transparency and auditability." - Juan Mazzini, senior analyst, Celent
AMIS is responsible for promoting the industry's development and representing member interests before government authorities. It represents the 80 most important insurance companies in Mexico, which account for 98% of the total premiums in the Mexican insurance market.