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Basic presentation. from: JL Soft. Objective. Introduce the Sophas system and related service as complete solution for insurance companies. Agenda. JL Soft introduction Business needs for actuarial models/system Modeling tools overview Sophas – the tool Practical applications
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Basic presentation from: JL Soft
Objective Introduce the Sophas system and related service as complete solution for insurance companies.
Agenda • JL Soft introduction • Business needs for actuarial models/system • Modeling tools overview • Sophas – the tool • Practical applications • Implementation support • Conclusion
JL Soft • JL Soft = SW house founded in 2003 • located in the Czech Rep. • Objective: developing and marketing of actuarial system Sophas • Many respected clients • JL Soft team: • experienced actuaries and IT experts • specialized for actuarial models creation and their use in practice
Actuarial development Deterministic approach: • premium and reserve calculation – traditional • profit testing analyses • LAT - Fair Value of liabilities (deterministic) • Embedded Value – traditional (determ.) approach - performance measurement, analysis of movement • Value of New Business • Appraisal Value – acquisition • ALM analyses (CF projection, duration, …) • planning • IAS 19 – value of Employee Benefits
Actuarial development (2) Stochastic approach: • TVFOG = = Best estimate value of liabilities (stoch.) – Value of liabilities (determ.) => stochastic approach required for TVFOG • Important applications: • Fair Value of life liabilities = BELincl.TVFOG + Risk Margin • IFRS • Market Consistent Embedded Value (MCEV) • Solvency II: • standard formula, internal models (VaR), ORSA • again FV and BEL (incl. FOG) required
Sophas • = Sophisticated Actuarial System • actuarial system especially prepared for fast running and easy preparing of cash flow models • focused on needs of insurance companies
Sophas System platform: • based on Delphi • generate code in dll form • compilers: • Free Pascal – included in installation • Delphi 5 and higher • HW key protection
Sophas Technical requirements: • full 32-bit oper. system MS Windows • processor Pentium or compatible • oper. memory min. 64 MB • graphics adapter allowing picture definition min. 800 x 600 • monitor min. 800 x 600 • free HD space 60 MB for installation • CD or USB unit • mouse or similar device • USB port for HW key
Practical Tasks- deterministic Verify the financial position: • Balance sheet • Technical provisions x Investments incl. interest rate sensitivity • Solvency I incl. interest rate sensitivity • LAT incl. interest rates sensitivity
Practical Tasks- deterministic Other analysis: • ALM/CF analysis • Traditional Embedded/Appraisal Value • Value of New Business • Budgeting • Profit testing • IAS19
Practical Tasks- stochastic • MCEV • Fair value of liabilities • Explicit Time Value of FOG • Solvency II • VaR analysis
Implementation • Implementation in cooperation with Tools4F (www.tools4f.com) • Modeling of the company specific products • Positives: • actuarial and modeling know-how • optimal Sophas solution • fast solution • easy to extend Majority of clients have accepted.
Conclusions • Sophas: • existing solution proved in practice • fast implementation possible • full actuarial support available • immediate professional step forward sophas@sophas.eu www.sophas.eu
They said about us Actuaries should learn other systems first to understand how much SOPHAS is easier-to-use and efficient. A consultant from the „big five“ (central Europe), spring 2010 Thank you for your help and support. We really appreciate that you and your team have answered our questions in such a short time. We test SOPHAS, try its possibilities and compare it to our existing models. During our tests we have seen that SOPHAS is a well-structured, easy-to-use software. It was easy to understand its main parts and defining the variables and calculations was also simple. We highly appreciate your help and generous offer. A chief actuary of a successful Hungarian insurance comp., spring 2011
They said about us (2) We would like to thank you and your team for all the time and attention, where we have been requesting for online demonstrations and software testing. We are also glad to share the opinion about SOPHAS. From the tests we have done, we realized that SOPHAS is: • comprehensive software • fast-processing software • provides the necessary information and results for the elaboration of the valuation report • the models provided make it up for a powerful calculation tool • we were able to foresee the standardization that we could implement on our activities; Chief actuarial consultant from Brazilian consultancy company spring 2011