- AIA chose FIS’ Prophet Managed Cloud Service to support its life insurance businesses in 14 markets across the Asia-Pacific region.
- FIS’ Prophet Managed Cloud Service will provide AIA with improved performance, efficiency and controls in its insurance risk modeling operations.
- The resource-intensive calculations inherent in actuarial models are a key example of how the cloud is being used to achieve greater levels of efficiency.
JACKSONVILLE, Fla., May 16, 2016 – FIS™ (NYSE: FIS), a global leader in financial services technology, today announced that AIA Group Limited (“AIA”) has chosen FIS’ Prophet Managed Cloud Service to improve performance, efficiency and controls in its actuarial modeling operations. Subject to receipt of required regulatory approvals, the service will support AIA’s life insurance businesses in 14 markets across the Asia-Pacific region.
In order to increase its risk management capabilities while controlling total cost of ownership, AIA needed to run its actuarial modeling operations in a more flexible and cost-efficient manner. As part of its implementation of FIS’ Prophet Managed Cloud Service, AIA has upgraded from an in-house deployment of FIS’ Prophet solution in multiple locations to Prophet Enterprise. This is FIS’ actuarial modeling system that enables enterprise-wide control and consistency in risk models and the assumptions that underlie them. Through the Prophet Managed Cloud Service, FIS will assist in managing Prophet Enterprise operating on the Microsoft Azure public cloud infrastructure, helping to provide greater flexibility and scalability in the use of the application as well as improved cost management.
“We chose FIS’ Prophet Managed Cloud Service because we want to optimize the performance of our actuarial modeling processes while controlling costs,” said Garth Jones, group chief financial officer at AIA. “Increasing modeling agility is vital, and we look forward to the flexibility of creating virtualized model environments in the cloud when we need them, and turning them off when we do not. A further benefit is removing the day-to-day maintenance of the application and supporting infrastructure. Building on this, as part of FIS’ Prophet Managed Cloud Service, we have chosen to use Prophet Enterprise to optimize processes and performance. We consider this model production environment together with strong cloud capabilities as the right choice for AIA.”
“Insurers are becoming increasingly comfortable with deploying cloud-based solutions across their enterprises outside of core customer processes,” said Jamie Macgregor, senior vice president of Celent’s insurance practice. “Resource-intensive calculations, such as actuarial models, are a striking example of how the cloud is being used to achieve greater levels of efficiency, as well as delivering a capability uplift without the need for procuring an internal grid. Running larger and more complex models frequently for scenario planning becomes an inevitable outcome, especially in an operating environment where regulation continues to tighten across markets and expectations over granularity increase.”
"FIS is committed to helping insurance companies around the world adapt to the growing demands of regulators and internal management for rapid and detailed risk information while controlling operational costs,” said J.P. James, president of FIS’ insurance business. “Our Prophet Managed Cloud Service gives insurers the performance, adaptability and controls they need to help them manage risk effectively and improve profitability. We are delighted to be supporting AIA."
As of May 16, 2016:
AIA Group Limited and its subsidiaries (collectively “AIA” or the “Group”) comprise the largest independent publicly listed pan-Asian life insurance group. It has a presence in 18 markets in Asia-Pacific – wholly-owned branches and subsidiaries in Hong Kong, Thailand, Singapore, Malaysia, China, Korea, the Philippines, Australia, Indonesia, Taiwan, Vietnam, New Zealand, Macau, Brunei, a 97 per cent subsidiary in Sri Lanka, a 49 per cent joint venture in India and a representative office in Myanmar and Cambodia.
The business that is now AIA was first established in Shanghai almost a century ago. It is a market leader in the Asia-Pacific region (ex-Japan) based on life insurance premiums and holds leading positions across the majority of its markets. It had total assets of US$168 billion as of 30 November 2015.
AIA meets the long-term savings and protection needs of individuals by offering a range of products and services including life insurance, accident and health insurance and savings plans. The Group also provides employee benefits, credit life and pension services to corporate clients. Through an extensive network of agents, partners and employees across Asia-Pacific, AIA serves the holders of more than 29 million individual policies and over 16 million participating members of group insurance schemes.
AIA Group Limited is listed on the Main Board of The Stock Exchange of Hong Kong Limited under the stock code “1299” with American Depositary Receipts (Level 1) traded on the over-the-counter market (ticker symbol: “AAGIY”).
FIS is a global leader in financial services technology, with a focus on retail and institutional banking, payments, asset and wealth management, risk and compliance, consulting, and outsourcing solutions. Through the depth and breadth of our solutions portfolio, global capabilities and domain expertise, FIS serves more than 20,000 clients in over 130 countries. Headquartered in Jacksonville, Fla., FIS employs more than 55,000 people worldwide and holds leadership positions in payment processing, financial software and banking solutions. Providing software, services and outsourcing of the technology that empowers the financial world, FIS is a Fortune 500 company and is a member of Standard & Poor’s 500® Index. For more information about FIS, visit www.fisglobal.com.
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