SunGard’s iWorks Prophet actuarial modeling solution provides an interface with Conning’s GEMS Economic Scenario Generator (ESG) to help insurers improve risk management, meet regulatory reporting and rating agency requirements, and enhance investment decision making. Insurance companies using iWorks Prophet and undertaking economic capital, strategic asset allocation, liability valuation and other asset-liability modeling will be able to use Conning’s GEMS output in their actuarial risk modeling process.
“Insurers are under continuous pressure to improve their understanding and management of risk, and strengthen their decision making around exposure, capital and investment assets,” says John Winter, director of product management, SunGard’s iWorks Risk Management solutions. “Providing access to Conning’s economic scenarios will help provide customers with a wider and more complete range of perspectives for analyzing risk. This is especially important given increasing economic interconnectedness and market volatility.”–
Conning’s GEMS is used by asset managers to simulate future states of global economies and capital markets using economic models that cover market risk and multiple asset classes. GEMS provide a realistic representation of extreme events and support hedging strategies with market-consistent pricing.
Using GEMS ESG output in SunGard’s iWorks Prophet provides insurers with an additional set of economic scenarios to help them evaluate their business models. GEMS is part of Conning’s suite of risk and capital management software for the global insurance industry.