Zurich Insurance Group, a global provider of multi-line insurance, has adopted iWorks Prophet Managed Hosted Service (PMHS) by SunGard, software-as-a-service provide to multiple sectors, to help enhance efficiency of its actuarial modeling operations by improving the speed of its model analyses and the quality of its Solvency II-compliant reporting in Europe, according to a release.
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Solvency-II is a legislation passed by the European Union as an insurance regulation to help reduce the risk of a party being unable to pay their debt. PMHS will also help the firm spend less time on IT functions and more on analyzing model results to support high risk management 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,” says Stephan Ommerborn, head of global life actuarial services at Zurich. “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.”
Zurich will control PMHS via web interface while SunGard will manage the infrastructure and databases, the web server and calculation cores in data centers.