CICI Prudential Life Insurance Company Limited, one of India’s leading private life insurers, has agreed to a strategic collaboration to implement PathWise, Aon’s modelling platform, across its actuarial modelling landscape.
The implementation of Aon’s PathWise solution, a high-performance, GPU-enabled modelling platform within its Life Risk Modelling Suite, will enable ICICI Prudential Life Insurance Company to develop and run all its actuarial models seamlessly across regulatory and reporting regimes.
“The deployment of PathWise provides ICICI Prudential Life Insurance Company’s actuarial team with intuitive model development tools and a high-performance computing environment to support its actuarial modelling processes with an initial focus on Indian Risk Based Capital Framework (IRBCF) and IFRS 17 (Ind-AS) reporting. By consolidating its models within the single PathWise platform, the company aims to improve run times, which have been demonstrated to be significantly faster and more scalable,” Aon explained.
PathWise is also expected to enhance controls and deliver more consistent, transparent results across ICICI Prudential Life Insurance Company’s life portfolio, enabling it to focus on long-term strategic priorities in the fast-growing, dynamic Indian life insurance market.
Aon and ICICI Prudential Life Insurance are also collaborating to develop a clear roadmap to progressively expand the use of the PathWise platform across the entire business portfolio.
Van Beach, Aon’s global head of Life Solutions, commented, “This collaboration represents not only an opportunity to work with an experienced, leading company such as ICICI Prudential Life Insurance, but to also to play a part in driving rapid growth in India’s life insurance market.
“We are seeing how significant advances in technology are benefiting companies in many different sectors globally, and with PathWise we are showing that the same benefits can be achieved in the life insurance market.”
Souvik Jash, Chief & Appointed Actuary of ICICI Prudential Life Insurance, said, “It has been great to work with Aon, and we believe PathWise will help us to increase our speed and efficiency in the Indian marketplace, while meeting evolving regulations. We anticipate the collaboration will go from strength to strength as this marketplace continues to grow.”
