Insurance and reinsurance broker, WTW, has announced the launch of the newest version of its industry-leading loss reserving and financial reporting software, ResQ.
ResQ 5.3 introduces a number of new features including ResQ Agent Processing, a new capability that represents a major evolution of the ResQ Enterprise Processing Engine.
ResQ Agent Processing will offer significant improvements within both performance and speed, further enhancing the functionality of the software’s reserving and IFRS 17 reporting capabilities.
In a press release, it stated that when carrying out core user activities with ResQ Agent Processing, the underlying calculations will no longer be carried out on the users machine, as they will instead be intelligently distributed across multiple ResQ agents.
This offering will allow for several key benefits, including faster calculations and improved scalability, as a pool of ResQ agents will be able to be shared by large groups of ResQ Enterprise users with each agent being used as and when needed.
Another key benefit that ResQ Agent Processing offers, is that there is no need to have to wait for database updates to finish after making changes, meaning that users can continue working on their projects while calculations are made in the background.
Tina Gwilliam, Global Proposition Leader for Reserving and ResQ at WTW, said: “Shrinking timescales and increasing workloads continue to add to already existing pressures on reserving teams. ResQ Agent Processing offers these teams the capabilities they need to work more quickly and efficiently. Client partners who participated in our beta programme were able to conduct regular activities up to ten times faster with Agent Processing.
“ResQ users will be able to deliver their work more quickly, using the time saved to delve deeper into their analysis and provide meaningful insights back to the business.”