Reinsurance News

Aon’s PathWise platform implemented by Korean insurer Kyobo Life

13th February 2020 - Author: Matt Sheehan

Re/insurance broker Aon has announced that South Korean insurer Kyobo Life has implemented its PathWise computing platform in preparation for the IFRS 17 and K-ICS financial reporting regimes.

Aon logoThe company embedded PathWise as its all-in-one financial risk management platform for a range of tasks, including assumption management, economic scenario generation (ESG), asset-liability management (ALM), hedging, and K-IFRS, IFRS 17, and K-ICS reporting.

PathWise uses the parallel processing power of graphical processing units (GPUs) to produce scenarios and handle policy calculations at a faster and more efficient rate that legacy actuarial software platforms.

For Kyobo Life, it is able to calculate the firm’s IFRS 17 best estimated liability and risk adjustment for 40 million policies in a matter of hours.

“Being able to perform complex calculations at such speeds offers PathWise clients clear efficiency gains, which can translate into real cost savings for their businesses,” said Peter Phillips, President and CEO of PathWise Solutions Group.

“As more companies realize they need to carefully consider their approaches to regimes such as IFRS 17 and K-ICS, and also want the benefit of a single platform for their financial reporting, PathWise can step-in and help them to overcome their challenges,” he continued.

Kyobo Life’s actuarial infrastructure team leader, Kim Yeon Jung, also commented: “Accurately analyzing financial effects and establishing strategies under the new regulations requires a lot of computations, and so we needed high-performance computing software for such difficult workloads.”

“In addition, change management and system control functions for complex models and large amounts of data are necessary too. PathWise’s high performance ensured the necessary speed for computations, along with flexibility and stability for ease of management under new regulations such as IFRS 17 and K-ICS.”

Print Friendly, PDF & Email

Recent Reinsurance News

Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.

  • Only email is mandatory, but the more you tell us about yourself the better we can serve you in future!
  • This field is for validation purposes and should be left unchanged.

By submitting the form you are giving your consent to be emailed by us.

Read previous post:
Legal & General closes £1.1bn pension de-risking deal with AIB Group

Legal & General has announced the completion of a pension de-risking transaction with Allied Irish Banks plc, consisting of an...