Stoch Analytics Limited, a newly formed private company headquartered in Ireland, acquired the proprietary Atlas software suite from Oliver Wyman, a global management consulting firm and a business of Marsh McLennan Chris Stiefeling has left Oliver Wyman to be the new company’s CEO.
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“We are delighted to announce the sale of Atlas, and excited about the appointment of Chris as CEO of Stoch Analytics. Oliver Wyman, and Oliver Wyman Actuarial consulting, will continue to partner and work with Stoch Analytics on a go-forward basis,” said Alex Lyall, Partner, Oliver Wyman.
Atlas is a highly optimized, integrated, cloud-based actuarial modeling platform used by life insurance companies for pricing, valuation, and asset-liability management. The software is currently used by finance, risk and actuarial professionals at insurers in the US, Canada, and Europe.
“Regulatory changes in the life and retirement space such as Principles Based Reserving are creating new demands for faster, more advanced analytical solutions — and Atlas is well positioned to respond,” said Chris Stiefeling, CEO of Stoch Analytics Limited. “Atlas is one of the fastest modeling platforms available today, which allows the insurers to optimize their financial and actuarial resources while reducing cloud spend.”
Stoch Analytics will develop, market, sell, and support high-performance stochastic modeling solutions for the life insurance industry. These solutions include the flagship Atlas software suite used for modeling insurance asset and liability portfolios, as well as the robust iReplicate policyholder compression tool which can reduce model runtimes by 90% or more.
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Chris Stiefeling added, “Transforming into an independent software product company will enable us to focus further on developing and delivering best-in-class actuarial and risk management solutions. Regulatory and other market demands are requiring life insurers to perform increasing amounts of complex modeling on a daily basis. Our mission is to continue to deliver, to our current and future clients, the best modeling solutions for the stochastic world.”
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