SHENZHEN, CHINA, 15 MARCH 2011 –SunGard’s iWorks Prophet Enterprise is supporting Prudential Corporation Asia’s implementation of Solvency II initiatives in Asia.
SunGard is a global software and technology services company. Its iWorks solution is an IT product suite for the insurance industry in the major business lines including life/health/annuities/pensions, property and casualty and reinsurance.
Prudential Corporation Asia is part of UK-based international retail financial services group Prudential plc. The company delivers life insurance, fund management and consumer finance operations across Asia.
It is already using iWorks Prophet and will now expand its use on an enterprise scale.
This expansion is expected to help the organisation optimise risk management, actuarial processing and compliance reporting under the new Solvency II standards being rolled out in the European Union.
Centralised processing across multiple business units increases the business efficiency and it will deliver the same for Prudential Corporation Asia, which will now be able to support reporting requirements for regulatory compliance under Solvency II.
SunGard’s iWorks Prophet Enterprise is able to increase the organisation’s data processing capacity in a secure, automated and commercialised environment.
This move does not require heavy expenditure for Prudential Corporation Asia as it has already invested in iWorks Prophet. The company is now leveraging its existing investment and expanding the system to an enterprise environment.
A scalable, cost-effective risk calculation modeling for Prudential will result in a more productive environment.
Other benefits include the ability to standardise data flow, handle more data and automate the reporting process. All these will help Prudential Corporation Asia meet timelines for compliance reporting.
“SunGard possesses deep local industry expertise and has conducted extensive research with many insurers in Asia,” said Peter Haslebacher, chief operating officer of SunGard’s iWorks in the Asia Pacific. “Prudential Corporation Asia will be able to leverage SunGard’s experience in working with the European side of the Prophet community as well.”
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