Unum Upgrades Actuarial Systems, ERM with SunGard

iWorks Prophet purchased in an effort to centralize and standardize actuarial practices across business lines.

Insurance Networking News, February 6, 2013

Justin Stephani

Unum has chosen SunGard’s iWorks Prophet actuarial modeling and risk management solution in an attempt to improve the efficiency of its actuaries, provide greater insight into the financial state of its business and comply with the anticipated International Financial Reporting Standards (IFRS), Unum said.

"Unum is undergoing a transformation of its financial analysis capabilities that includes establishing more innovative processes for our actuarial systems as well as governance,” said Nigel Moodley, VP of risk modeling & financial planning at Unum. “SunGard’s iWorks Prophet helps to support these initiatives by centralizing and standardizing actuarial practices across multiple business lines, and helping us establish governance and visibility over financial risk.”

Unum says that iWorks Prophet Professional, an actuarial risk model development environment, will replace multiple third-party and in-house applications, manual calculations and spreadsheets. Unum also will use iWorks Prophet Enterprise risk management platform, which extends these capabilities to a production environment to deliver consistent, controlled and auditable results, and a unified view of the company’s financial risk profile.

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