Prophet Modeling Support

Objective

A US life and annuity insurer engaged Graeme Group to add an experienced Prophet modeler to its development team. The client was consolidating its US actuarial models onto FIS Prophet and needed support with development, testing and implementation.

The role covered product builds, migrations and reporting changes as the program progressed. It required hands-on experience building and running production Prophet models.

The client needed a modeler who could start quickly and remain affordable for a multi-year program.

Scope of Work

The contractor supports four areas of the client's Prophet model consolidation:

• Product model builds and enhancements at the direction of the client’s project team.
• Model implementation, including data systems, assumption management, model migration, and results and reporting procedures.
• Model design, technical review and build-process improvement.
• Participation in the client’s working sessions, testing cycles and production calls.

The client adjusts assignments between product development, migration and reporting as each phase progresses.

Services Provided

Assessing Prophet Experience

We assessed the models candidates had built, the production processes they had managed and how recently they had performed the work. The selected contractor is a qualified actuary based in Eastern Europe with more than fourteen years of Prophet experience. This includes IFRS 17 changes, production process design and automation, and experience analysis, supported by SAS, SQL and VBA skills.

Working Within the Client Team

The contractor works on the client's systems under its modeling leads. The client sets priorities and approves hours weekly.

Remote Delivery Within Budget

The contractor works remotely from Eastern Europe with the client's US team. The agreed rate allowed the client to retain an experienced modeler throughout the program.

Extensions and Replacement Support

Graeme Group manages the contractor relationship, extensions and renewal terms. We also maintain a network of Prophet modelers for additional or replacement requirements.

Deliverables

The contractor develops the client's models and supporting processes. Graeme Group provides:

• A Prophet modeler with experience relevant to the required products and implementation work.
• An actuary working in the model development team under the client's direction.
• Management of the contractor relationship, extensions and renewal terms.
• Additional or replacement sourcing from our Prophet network.

Outcome

• Two Years of Continuous Support: The placement began in the second half of 2024. It continued through quarterly renewals and moved to an annual term in 2026.
• Assignments Adapted: The contractor worked on product development, implementation and reporting as the program progressed.
• Additional Modelers Requested: In 2026 the client asked for modelers with similar experience and rates for a program planned for 2027, and interviewed a shortlist supplied by Graeme Group.
• Further Teams Supported: The client also approached Graeme Group about staffing for capital management and risk analytics.