FIS has launched its Insurance Risk Suite AI Assistant, a generative AI tool designed to provide instant answers to complex questions regarding the development and maintenance of risk models for actuaries in any language.

The introduction of this tool addresses the increasing demand for faster and more precise modeling capabilities within the insurance sector. With evolving risks such as climate volatility impacting claims patterns and cyber threats reshaping risk portfolios, traditional actuarial processes are challenged to keep pace. The AI Assistant aims to streamline these processes by acting as a constant resource, thereby reducing manual information retrieval and supporting the creation of resilient models. This is intended to enable insurers to achieve more competitive policy pricing, sustain profitability, and identify emerging risks sooner.

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P. James, Group President, Office of the CFO at FIS, stated that businesses require robust tools for modeling, risk management, and reporting to accurately quantify exposure. He noted that as risks become more interconnected and unpredictable, actuaries need tools that enhance efficiency. By integrating AI assistance directly into the Insurance Risk Suite, actuaries gain more time to focus on the core tasks of quantifying, reporting, managing, and mitigating risk.

The solution features an intuitive interface that offers real-time guidance on model operation and maintenance, making deep actuarial expertise accessible to teams of varying sizes. FIS plans to expand the AI assistant’s capabilities to include functions such as code writing and improvement, automated documentation, run descriptions, and detailed explanations of calculations and errors.

FIS, a financial technology company headquartered in Jacksonville, Florida, provides solutions to financial institutions, businesses, and developers globally. The company focuses on advancing financial technology across the money lifecycle and is a member of the Fortune 500 and the Standard & Poor’s 500 Index.