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SunGard Collaborates with Barrie & Hibbert to Enhance Risk and Solvency II Solutions for Insurers |
SunGard is collaborating with Barrie & Hibbert to expand SunGard’s Solvency II offerings to include liability proxy modeling and risk aggregation functionality into its iWorks Prophet solution. The liability proxy modeling functionality will help customers of iWorks Prophet enhance risk modeling and gain faster calculations of Solvency II metrics. It will also help them embed internal models into the decision-making process, improve insight into the risks and behavior of insurance liabilities, and aggregate risks across the organization.
SunGard’s iWorks ERM framework includes risk management, business process management, analytics, and business intelligence capabilities to support the governance and control requirements of Solvency II. SunGard’s solutions framework and approach helps actuaries and risk executives align risk-based capital decisions with business risk appetite by providing a 360° view of risk data, using advanced analytics and stress tests.
“I am pleased to collaborate with SunGard to help insurers meet Solvency II challenges,” said Andy Frepp , chief executive at Barrie & Hibbert. “The combination of the risk modeling capabilities of iWorks Prophet with Barrie & Hibbert’s liability proxy modeling and risk aggregation techniques means insurers will have the tools they need to help improve the visibility, transparency and control of critical risk measurements.”
JP James, chief operating officer, insurance solutions for SunGard’s insurance business, said, "We are pleased to extend our relationship with Barrie & Hibbert to help us develop enhanced risk modeling techniques for global insurers. The modeling techniques add another dimension to SunGard‘s comprehensive ERM strategy and will help insurers better support Solvency II requirements. ”
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