novaPredict: The Open Projection Framework for Insurance Actuaries

Perform IFRS 17 calculations faster, reduce licensing costs, and maintain full control over your models.

Why Insurance Actuaries Are Rethinking Their Projection Software

Since the introduction of IFRS 17, actuarial calculations for financial reporting have become significantly more complex. At the same time, many insurers are reaching the limits of their existing projection tools: increasing computation times, annually rising license costs, and a closed system that allows neither adjustments nor the integration of their own models.

novaPredict is an open-source forecasting framework based on .NET C# and cloud technologies. The framework is a one-time purchase that includes the source code. You retain full control over your models and can continue to develop novaPredict on your own or customize it with external developers.

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Unternehmenslogo der Gebäudeversicherung Bern (GVB)

Why Insurance Actuaries Are Switching to novaPredict

IFRS 17 calculations at least 20% faster

novaPredict parallelisiert deterministische und stochastische Läufe segmentweise, mit unbegrenzter Skalierung auf über 100.000 Simulationen. Die optimierte RunEngine und Rechenkapazitäten aus über 60 Azure-Rechenzentren weltweit sorgen für mindestens 20 % schnellere Berechnungen als mit herkömmlichen Projektionstools.*

Full control with .NET C# instead of a proprietary language

novaPredict basiert auf .NET C#, einer der verbreitetsten Programmiersprachen weltweit. Ihre Aktuare und Ihr IT-Team können Modelle eigenständig anpassen. Bei Bedarf finden Sie externe Entwickler auf dem freien Markt, statt auf spezialisierte Berater eines Anbieters angewiesen zu sein.

Seamless integration into your existing processes

Offene Schnittstellen und ein modularer Aufbau ermöglichen es, novaPredict in Ihre bestehende IT-Landschaft einzubinden. Ob eigene Berechnungsmodule, firmenspezifische Workflows oder vorhandene Datenquellen: Das Framework passt sich an Ihre Prozesse an, nicht umgekehrt.

*Minimum cost savings when migrating from existing standard software to novaPredict.

An Overview of the Projection Framework

novaPredict covers the entire actuarial workflow: from data preparation to liability and asset calculations, all the way through to financial statement preparation and reporting. The framework consists of three core components that can be configured in a modular fashion.

Modular Finance Library

The Financial Library is at the heart of novaPredict. It provides modular coverage of all relevant areas of life insurance calculations. Each module can be configured individually or replaced with your own custom modules.

Liabilities: Probability calculations (biometrics, customer behavior), premiums, reserve capital, expenses, profit sharing, RfB, and reporting: balance sheet figures, income statement, profit allocation, supporting documentation
Assets: Asset model, strategic asset allocation (SAA) Management rules: Surplus management, crisis management, realization of hidden reserves, policyholder behavior
Regulatory Requirements: MindZV, Valuation Reserve
Results and Reporting: Balance Sheet Figures, Income Statement, Breakdown of Profit, Statements

Cloud-native computing architecture

novaPredict was developed for the cloud and supports both Microsoft Azure and AWS. Generali Deutschland operates novaPredict in production on AWS. If needed, an on-premises implementation in your own data center is also possible.

Servers are automatically created for the calculation run and shut down once it is complete. Over 100,000 parallel simulations are possible, and computing capacity can be scaled as needed. You retain full control over costs by configuring the number of machines, VM sizes, and priorities. Using Linux machines and spot instances can further reduce cloud costs significantly.

Development Environment and Tooling

Model development takes place in Microsoft Visual Studio using an extension designed specifically for actuaries. Changes to the financial library are automatically synchronized with the product code. The standard Git workflow ensures transparent version control and collaborative work. Calculation runs are controlled via a configuration UI where products, scenarios, and output formats are defined.

How Generali Reduced its Cloud Costs by up to 90%

Increasing computational demands due to IFRS 17 and Solvency II, limited parallel processing for annual financial statements and planning calculations, and high licensing costs for proprietary projection software: Generali Deutschland also faced these challenges. With novaPredict, the company has migrated its actuarial calculations to a scalable cloud platform and has been using the new system in production since the 2023 annual financial statements.

Read the Case Study →

By using novaPredict, we are able to manage our enormous annual calculation workload in a time- and cost-efficient manner.

Walter Koch Head of Modeling Life and Health Generali Deutschland AG

Up to 90% lower cloud costs through the use of Linux machines and spot instances

No license fees thanks to a one-time purchase of the framework, which includes the source code

Virtually unlimited parallelization of simulations and calculations

9 out of 9 satisfaction points in the internal service evaluation

Find out if novaPredict meets your needs

In a one-on-one demo, we'll show you the framework, the development environment, and the cloud architecture. Feel free to bring any specific questions you may have.

Schedule a novaPredict Demo

What sets novaPredict apart from Off-the-Shelf Software

One-time purchase instead of ongoing license fees

Sie erwerben das novaPredict-Framework einmalig, inklusive Sourcecode. Jährliche Lizenzkosten entfallen. Laut unseren Projekterfahrungen amortisiert sich die Investition in unter drei Jahren.

An open framework instead of a closed system

novaPredict is based on an open and customizable framework. Existing models can be integrated, modules can be swapped out, and requirements can be flexibly accommodated.

In-House Development instead of Vendor Lock-in

With the source code in .NET C#, the system is yours. You can continue to develop it on your own, hire internal or external developers, and are not tied to us as the provider.

Cloud-native vs. retrofitted cloud

novaPredict was developed for the cloud and runs on Azure, AWS, or on-premises. Computing capacity scales flexibly, and costs are reduced through the use of Linux and spot instances.

Learn more about our services for the insurance industry →

How to successfully transition to novaPredict

Phase 1: Evaluation & Concept

We analyze your existing modeling environment and work with you to define the target state. You will receive an estimate of the effort, timeline, and costs involved.

Phase 2: Parallel Operation & Migration

novaPredict runs in parallel with your existing system. During this phase, your models will be migrated, adapted, and validated. We recommend at least twelve months of parallel operation to ensure a smooth transition.

Phase 3: Active Operations & Support

Following successful validation, novaPredict will go live. We’ll support you as needed with managed services, 24/7 support, or expert advice from experienced actuaries.

Frequently Asked Questions About Switching to novaPredict

How much does it cost to switch to novaPredict?

The scope of the project depends on the size of your company and the complexity of your existing models. Our past projects show that, with a parallel operation period of approximately twelve months and a payback period of less than three years, the switch also makes financial sense.

How much will the ongoing costs of novaPredict be after the switch?

novaPredict is available as a one-time purchase that includes the source code. There are no ongoing license fees. The only recurring costs are the cloud infrastructure costs, which you can scale as needed using the pay-per-use model.

Will we be dependent on novaPredicts vendor novaCapta after its implementation?

No. novaPredict is based on .NET C# and is available to you, including the source code, for unrestricted internal use. You can use your own or external developers at any time, independently of novaCapta.

When should the existing system be replaced?

We recommend a parallel operation period of at least twelve months. During this phase, your models will be migrated and validated, and your team will familiarize itself with the new environment.

What kind of support does novaCapta offer after go-live?

After the novaPredict go-live we offer customized managed services for operations, 24/7 support, and, when needed, expert assistance from experienced actuaries in our partner network with over 20 years of industry experience.

Let us show you our solution for Actuarial Data Science

Schedule a personalized demo of novaPredict: We'll show you the framework and the development environment, and answer your technical questions.

Alexander Elkin

Head of Intelligent Business Platforms

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