How SAS® Supports Insurance Risk Management
A single, integrated framework for both regulatory compliance and business requirements.
While IFRS/US GAAP and Solvency II differ in the details – e.g., contract identification, level of and approach to calculations, reported measures, responsibilities – they share similar requirements for data, structures, process auditability and traceability, and supporting systems. Our single, integrated framework addresses both regulatory compliance (i.e., IFRS 17/LDTI and Solvency II) and business requirements (e.g., real-time pricing, portfolio optimization). And it's built on a platform that has the flexibility to support late-breaking process changes, without disrupting what you're developing or already have in place.
Risk analysis framework
- Perform bottom-up risk analysis by product line and risk type.
- Meet the demands for more robust stress testing and scenario planning.
Integrated platform
- A single platform enables life and P&C insurance companies to analyze a variety of risks.
- The underlying platform provides an end-to-end approach – from data sources to reporting – and can serve as the core foundation for an integrated analytical framework.
Open system
- The system is fully customizable, supporting the co-existence of multiple regulatory regimes and extension to third-party contributions.
Automated documentation
- Flows of execution, calculations and dependencies are clearly visible.
- Documentation is generated automatically from the code and is always up-to-date.
High performance
- A scalable architecture – featuring parallel task execution, in-memory processing and grid optimization – results in extremely fast calculations.
Why choose SAS for insurance risk management?
SAS provides a comprehensive framework for meeting governance and auditability requirements for IFRS 17/LDTI, Solvency II or similar regulatory regimes, as well as for aligning to strategies and goals across finance, risk, actuarial and regulatory compliance functions.
Take a comprehensive approach to insurance contract accounting
Refine your approach to implementation − from data sources to reporting – with predefined data models supporting all methodologies required to successfully implement IFRS 17/LDTI – including posting generation, a subledger, process management and governance.
Meet all IFRS 17/LDTI requirements
For IFRS 17, SAS supports the general measurement model (GMM), formerly known as the building block approach (BBA) for long-term contracts, the premium allocation approach (PAA) and the variable fee approach (VFA). For LDTI SAS supports the calculation of net premium ratio (NPR), liability for future policy benefits (LFPB), amortization of deferred acquisition of cost (DAC) and market risk benefits (MRB).
Ensure regulatory compliance
Accurately evaluate your risk exposure – and meet governance and auditability requirements for Solvency II or similar regulatory regimes – with solutions that accommodate new solvency models, data management processes and complex reporting requirements.
Enable on-demand pricing at scale
Take your actuarial ratemaking process to the next level by using machine learning to gain actionable insight and drive agility. Develop more precise tariff models faster through an agile methodology. Quickly deploy tariffs into production, and embed real-time pricing optimization.
Align strategies & goals across finance, risk, actuarial & regulatory compliance functions
Develop strategic plans at the entity level involving appropriate insurance business units.
Operate with greater efficiencies
Relieve the resource burden of stress testing, and reduce cycle times to allow for greater focus on higher-value activities.
Customer Success
Working Smarter With Insurance Risk Management From SAS
Getting a more accurate view of risk and pricing with better data quality
SAS helped IAG New Zealand Ltd. improve the quality and integrity of its address data, enabling the company to geocode 90% of addresses, compared to 70% before SAS. The company has also improved its risk profile and increased the accuracy of its pricing model.
Recommended Solutions for Insurance Risk Management
Featured Solutions
- SAS for Insurance Contract Valuation | Powered by AzureStay in front of IFRS 17/LDTI compliance requirements without losing visibility.
- SAS® Dynamic Actuarial ModelingReduce silos, automate processes and facilitate cross-departmental collaboration with a complete, end-to-end pricing solution that includes innovative, AI-based premium modeling.
- SAS® Insurance Capital ManagementMeet evolving insurance capital requirements and regulatory compliance demands, and gain a greater understanding of your company's risk and financial condition.
- SAS® Solution for IFRS 17Simplify your transition to the IFRS accounting standard with best-in-class models, workflow and reporting.
- SAS® Solution for LDTIManage, audit and trace all steps of LDTI compliance processes within a single, integrated environment.
- SAS® Solution for Stress TestingMeet the challenges of supervisory stress testing and strategic scenario planning with SAS Solution for Stress Testing.
Solutions That Extend Enterprise Stress Testing Capabilities
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How to compete in the new era of customer-centric insuranceLearn how to quickly respond to market changes by reducing the time needed to build hand-coded models and accommodating a range of programming languages.
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บทความ
Shut the front door on insurance application fraud!ผู้ก่อการทุจริตมักจะใช้วิธีการทุจริตผ่านทางช่องทางดิจิตอลเนื่องจากเป็นวิธีการที่ง่าย. บริษัทประกันภัยที่ชาญฉลาดมักใช้ข้อมูลจากช่องทางดังกล่าว (การยืนยันตัวตนโดยใช้ลายนิ้วมือ, ไอพีแอดเดรส, ตำแหน่งทางภูมิศาสตร์และช่องทางอื่นๆ) ร่วมกับการวิเคราะห์และการเรียนรู้ของเครื่องเพื่อใช้ในการตรวจจับการทุจริตบนแอปพลิเคชั่นประกันภัย ซึ่งการทุจริตดังกล่าวมักจะถูกกระทำโดยเจ้าหน้าที่ของบริษัทเอง หรือโดยลูกค้า และบริษัทนักต้มตุ๋นต่างๆ
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บทความ
IFRS 17: Waiting is not an optionIFRS 17 is a principles-based accounting standard for the future-oriented valuation of insurance contracts. Designed to increase financial transparency, IFRS 17 requires insurers to report in more detail on how insurance and reinsurance contracts affect their finances and risk.
ตั้งแต่ปี 1976 บริษัทต่างๆ ทั่วโลกไว้วางใจใน SAS