Insurance Analytics Solutions
Insurance Risk Management
Optimize risk management. Align actuarial, underwriting and finance functions. Meet regulatory demands and financial reporting standards.
How SAS® Delivers Better Insurance Risk Management
Only SAS delivers comprehensive risk solutions that include AI and best practices to help you align strategies and goals across finance, risk, actuarial and regulatory compliance functions. With SAS, you can reduce the time and cost of compliance by ensuring data consistency, transparency and complete traceability, helping you maintain a competitive advantage.
Regulatory risk management
- Ensure Solvency II compliance with full support for data quality and reporting requirements, and incorporate any other Solvency directive.
- Extract, integrate and validate risk data from almost any source.
- Ensure transparency and traceability across the entire process.
- Handle stress testing capital requirements.
- Meet all IFRS 17/LDTI requirements for direct insurance and reinsurance, integrating risk and finance calculations and bridging the gap between actuarial and accounting systems.
- Better manage data collection and validation.
- Improve workflow management, supporting the orchestration of job flows, and take advantage of dynamic disclosures and dashboards to drill down into details.
- Generate cash flows as a starting point for IFRS 17 calculations.
- Use a built-in subledger to stage validated results for accounting system posting, allocation and aggregation, including preposting reports – aligned with your firm's accounting system – that support both multi-GAAP and multicurrency reporting.
Actuarial ratemaking & loss reserving
- Develop premium models faster through an agile methodology that includes machine-learning techniques and high-performance simulation capabilities.
- Deploy premiums into production quickly with the ability to embed complex models for real-time pricing optimization.
- Utilize reserving capabilities for complete integration with existing data assets and in-house reserve analysis to provide one version of the truth, with a full audit trail of actuarial decisions and reproducibility of the IBNR calculation and models.
- Monitor process and sign-off decisions, as well as automate and disseminate management reports, using an actuarial dashboard. Integrate with the rest of the business and get real-time feedback on reserving analysis decisions.
Why choose SAS for insurance risk management?
SAS enables you to put on-demand, high-performance insurance risk analytics in the hands of your CRO and risk professionals. Balance short- and long-term strategies – while addressing changing regulatory requirements – with confidence.
Establish a firmwide risk technology foundation
Update legacy processes with a modernized risk and finance infrastructure that supports scalable, high-quality data, workflow, analytics and reporting.
Integrate risk & finance
A common platform supports Solvency II, IFRS 17/9 and LDTI, as well as other regulatory requirements, such as Risk Based Capital (e.g., ICS 2.0, C-ROSS, LAGIC) and Statutory Reporting (for US insurers).
Improve regulatory risk management processes for Solvency II compliance
SAS supports compliance for regulatory mandates, including Solvency II and similar directives.
Use AI and machine learning for competitive premiums, optimized portfolios, real-time pricing, IBNR calculations and automated reserving processes.
Working Smarter With Insurance Risk Management From SAS
Embarking on the IFRS 17 journey
AIA Group – a pioneer in implementing IFRS 17 across Asia – has been collaborating with SAS to accommodate IFRS 17 requirements by developing a unique subledger solution engine to meet the tight global implementation timeline.
Getting the premium right
SAS helps RSA Canada accurately predict the impact of risk characteristics on customer premiums, while identifying customer segments with growth potential.
Improving data quality to strengthen decision making
SAS helped Ecclesiastical establish a foundation for compliance with Solvency II's data management mandate, reduce costs related to claims leakage and reinsurance purchase, as well as improve customer service and decision making.
Insurance Risk Management Products & 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® Risk StratumAdopt a risk foundation that delivers three tiers of capabilities to match your needs, with each level building on the previous one to form a complete risk management foundation.
- 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 establish a powerful data and modeling environment for scenario-based planning.