SunGard has announced the launch of iWORKS Prophet Enterprise, a new edition of SunGard’s actuarial modelling system, which helps insurance and other financial services companies meet their reporting responsibilities and enhance risk management. Prophet Enterprise adds a separate production control framework to help customers improve the performance, scalability, control, and auditability of their actuarial modelling. The product also will help customers to rationalize hardware and IT support costs while reducing actuaries’ administrative data work so they can concentrate on actuarial work.
iWORKS Prophet Enterprise has a client-server architecture through which calculations can be moved away from a desktop to a secure server environment for multiuser access. The architecture supports centralized processing for multinational companies that need to support separate business units or departments across an organization. iWORKS Prophet Enterprise utilizes a distributed processing environment to help increase the scalability of parallel runs; maximize hardware utilization; and provide quicker, smoother, and more automated results for faster and more efficient reporting.
The existing iWORKS Prophet system, the Professional edition, will continue to be SunGard’s core actuarial modelling product offering for model building. Once models have been developed and signed off using Prophet Professional, they can be exported to Prophet Enterprise, within which runs are set up, executed, monitored, and reported upon.
Marc Fakkel, head of operations for SunGard’s iWORKS Prophet business unit, says, “SunGard’s deep industry expertise, along with the collaboration of a leading UK insurance company, has helped us to design and build the iWORKS Prophet Enterprise solution to help our customers work more effectively and better manage run-time and reporting deadlines.”