Modernizing Actuarial Processes with novaPredict

With novaPredict, Generali Germany has made its complex actuarial calculations – from annual financial statements and sensitivity analyses to forecasting and planning models – faster, more cost-efficient, and virtually unlimited in scalability. novaPredict enables near-unlimited parallelization of calculations and simulations, automated documentation, and a modern, user-friendly platform specifically designed for actuaries. 

Existing system reached technical limits in cloud-based calculations, particularly for IFRS 17 and SII annual financial statements as well as projection and planning calculations

Limited degree of parallelization and restricted choice of suitable cloud machine types

Use of spot instances involved high failure risks for long-running calculations

High licensing costs associated with the existing system

Development of a proof of concept to validate feasibility, performance, and reproducibility of results

Implementation of novaPredict based on a cloud environment (AWS) for flexible utilization of available computing capacity

Use of modern cloud technologies and DevOps practices to increase efficiency

One-year parallel operation with multiple test phases and continuous performance optimization of the cloud solution

Significant cost savings: reduction of cloud costs by up to 90% compared to the previous solution, plus elimination of license fees

High flexibility, extensive parallelization, and scalability: actuaries can work simultaneously and execute large numbers of simulations without limitation

Efficient release and data management

Vendor-independent system with reduced dependencies, increased flexibility for further development, and improved efficiency for actuaries

Generali Germany, one of the country’s leading insurance companies, faced the challenge of making its complex actuarial calculations more efficient and scalable. With the introduction of IFRS 17, the previous system reached its limits. Performance was insufficient, migrations were costly, and alternative standard software solutions involved high licensing expenses. At the same time, improving performance within the existing cloud solution proved nearly impossible.
 

In addition, actuaries required the ability to calculate several thousand scenarios simultaneously, centrally manage large volumes of data, and design calculation processes in a more flexible and reproducible manner. Behind these processes lie hundreds of thousands of capital market scenarios and hundreds of actuarial sensitivities that must be managed and validated. Generali Germany therefore partnered with novaCapta to develop its own cloud-based calculation tool tailored specifically to the requirements of the insurance industry and actuarial practice.

Through migration to novaPredict, Generali Germany reduced its cloud costs by up to 90%, while eliminating dependencies on external licensing models and specialized third-party resources. Actuaries benefit from an intuitive, user-friendly interface that reflects familiar workflows and enables direct interaction with the system without requiring deep technical knowledge. Integrated AI functionality supports code writing and generation, significantly reducing errors and workload. A key advantage is the use of established standards that are easily integrable (e.g., Codex or GitHub).

“Since the 2023 annual financial statements, we have conducted all official calculations using novaPredict. The tool stands out for its user-friendliness, high performance, and significantly reduced cloud costs,” says Walter Koch. Generali Germany’s internal service evaluation system confirms this success, awarding 9 out of 9 satisfaction points.

Generali Case Study PDF (DE)

Generali Case Study PDF (EN)

Generali in Germany is one of the leading primary insurance groups in the German market, with premium income of around €15 billion and more than 9 million customers. As part of the international Generali Group, Generali Germany operates under the brands Generali, CosmosDirekt, and Dialog in the life, health, and casualty segments..

https://www.generali.de/