As part of its implementation of a risk-based security solvency system, the Mexican Association of Insurance Institutions (Asociación Mexicana de Instituciones de Seguros, AMIS) has selected Sungard’s iWorks Prophet actuarial solution. It plans to use iWorks Prophet to meet compliance requirements by April 2015.
AMIS represents 80 insurance companies in Mexico, and holds responsibility for promoting industry development and aligning member interests before government authorities. Mexico’s new solvency mandate has caused AMIS to create a risk model based on the European Solvency II model and prompted insurers to reconsider their risk management processes and improve calculations, data management and transparency.
The iWorks Prophet will use data from a Mexican insurance institution for long-term life portfolios and evaluate the capability to implement internal models at Mexican insurance companies. AMIS will be able to contrast its results with those of its local regulatory model to gain insight for improvement then develop and propose new models to regulators and AMIS members.
“The goal of AMIS is to help insurance companies to develop the necessary capabilities to become compliant by the April 2015 deadline,” said Dra. María de los Ángeles Yáñez, the director of Development and Strategic Projects at AMIS, in a statement. “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.”