Press Release – March 2017
RISK CALCULATION, SOLVENCY II, AZURE CLOUD: FRENCH SOFTWARE AT THE HEART OF DIGITAL TRANSFORMATION AT LEGAL & GENERAL
Legal & General, a British multinational financial services company, providing life insurance, general insurance, pension and investments, has chosen a French Open Source ISV ActiveEon to automate and accelerate risk calculations (Monte Carlo) in order to become compliant with the Solvency II European regulation.
Legal & General, a major player on financial services market, with near £1.300 billion asset management in 2014, is listed on the London Stock Exchange and is constituent of the FTSE 100 Index.
ActiveEon, initially French Open Source ISV and now present in the UK, United States, Eastern Europe and Africa, provides to Legal & General an IT automation, acceleration and cloud migration solution with its ProActive Workflows & Scheduling software. At the heart of the digital transformation of the UK financial company, ActiveEon allowed Legal & General to improve application and infrastructure management, as well as to migrate Solvency II risk calculations and simulations to .
ActiveEon’s complete scheduling and orchestration solution allowed Legal & General to replace two schedulers (Tibco DataSynapse and IBM AlgoBatch) with a single product – ProActive Workflows & Scheduling which perfectly fitted to the company requirements in terms of analysis and simulation of various scenarios (Monte Carlo) and datasets in the context of Solvency II directive and its constraints related to risk management. Legal & General thus could optimize parallel execution of CPU-intensive tasks with I/O intensive ones. This alone allowed for 10% overall savings in runtime and grid resources, and for the high priority risk reports to be made available to customers 3 times faster than the previous solution: 16 hours down to 5 hours.
The Open Source technology used, ProActive Workflows & Scheduling, is based on three main pillars : advanced Workflows, composed of various kinds of tasks (scripts, java, native executables, etc.) with data management and file transfer capabilities ; Scheduling, for parallel and high priority execution of different types of tasks of Monte Carlo simulations, and Resource Manager allowing the finest management of VMs capacity in the clouds to reduce infrastructure costs and provide financial reports on the risks much earlier.
ProActive is an innovative project, member of OW2 Open Source community, for applications acceleration and orchestration, with integrated management of HPC resources in private, public and hybrid cloud, with bursting capacity.
ProActive Workflows & Scheduling can be used in various areas: fintech, insurtech, big data, algo-trading, as well as in many other sectors such as IoT.
ActiveEon et Legal & General will for the first time present these outstanding results during Cloud Expo Europe conference that will be held in London on the 15th and 16th of March 2017: http://www.cloudexpoeurope.com/2017-programme/digital-transformation--solvency-ii-simulations-for-lg-optimizing-accelerating-and-migrating-to-the-cloud
Download the white paper « Workload Automation for Insurance » by ActiveEon.
Blog article related to the announcement: http://blog.activeeon.com/2016/11/risk-model-optimization-and.html
Veronika Tsiareshchanka, Marketing & communications. Phone: +33(0)9 88 77 76 67, email@example.com
Free online trial: http://try.activeeon.com