Cloud-Based Calculation Tool Implementation Case Study

This case study details the implementation of novaPredict, a cloud-based calculation tool developed by Generali Germany in collaboration with novaCapta. Generali, a leading insurance provider in Germany, faced challenges with its existing actuarial processes, particularly in meeting the requirements of IFRS 17. The previous system was limited in performance, costly in migrations, and faced high licensing expenses. The novaPredict platform, built on modern cloud technologies, enables flexible and scalable calculations, allowing actuaries to run multiple simulations simultaneously and manage large datasets efficiently. The implementation process included a proof of concept and multiple test phases, leading to significant cost savings of up to 90% in cloud expenses, while also eliminating licensing fees. The platform enhances operational efficiency through automated release management and AI-supported code generation. Overall, novaPredict has improved the actuarial workflow, providing a user-friendly interface and greater control over the calculation processes.