System Sophas is an actuarial system especially prepared for easy creation and fast running cash flow models, mainly in insurance companies. Sophas was created in 2003 and started being commercially successful since the same year. It is currently used by many respected companies.
Sophas was developed to meet the growing professional demand for technically refined actuarial software. System Sophas is perfectly practical for creation of cash flow models of :
- life insurance
- non-life insurance
- financial instruments
- valuation of employee benefits – IAS 19
It was constructed especially for effective handling with :
- calculation of a fair value of financial products (most often insurance liabilities, employee benefits, financial assets, etc.) – nowadays especially applicable for Solvency II purposes
- capital adequacy analysis according to Solvency I and II principles
- pricing and profitability of products
- Embedded Value calculation (traditional as well as market consistent)
- liability adequacy tests according to IFRS principles
- ALM management
- planning process
All including any numbers of scenarios (even stochastic).
The usage of the Sophas system is not limited only to insurance business. It may effectively be used in banks, pension funds a and other institutions.