MetLife Alico Japan, a customer of SunGard’s iWorks Prophet actuarial modeling solution, has been named a Model Insurer in the Risk Management category of the Celent Model Insurers Asia 2014 Awards. Using iWorks Prophet as its risk management platform, MetLife Alico was able to streamline and standardize information, enhance the quality of its compliance reporting and improve efficiency, resulting in a reduction in the use of spreadsheets by 25 percent and a savings of three man-years of work in total.
“This project shows the importance of strengthening risk processes to improve efficiency and having a strong relationship with an experienced insurance software vendor. MetLife Alico was chosen as a Model Insurer in Asia because of automation, system integration, improved data transparency, coding versatility, efficiency, speed, and control features,” Wenli Yuan, senior analyst, Celent’s Asian Financial Services Group
“Our implementation of SunGard’s iWorks Prophet has dramatically enhanced our actuarial valuation and projection capabilities, with the initial implementation covering statutory projections and asset-liability modelling and the scope to add US GAAP, embedded value and IFRS capabilities. As a result, we have improved speed, data and model transparency, consistency and audit trails. In particular, the models have vastly enhanced our ability to conduct the stochastic simulations required by modern financial reporting and analysis,” Des Thomas, executive officer & senior vice president, chief actuary, MetLife Alico Life Insurance K.K.
“Complying with regulations and gaining efficiency are imperative for insurers in Asia to achieve competitive advantage and smarter operations. We congratulate MetLife Alico for receiving recognition as a model insurer and look forward to continuing to support its actuarial risk process with automated, effective and scalable solutions,” Peter Haslebacher, coo, SunGard’s Asia Pacific insurance business
Celent’s Model Insurer Asia Awards recognize the top technology initiatives of insurance carriers in the Asia-Pacific region. SunGard’s iWorks Prophet is a leading enterprise-wide actuarial modeling system that helps insurers and financial services firms meet reporting responsibilities, improve risk management, and develop more profitable products faster.