Re/insurance broker Willis Towers Watson (WTW) has launched a new version of RiskAgility Financial Modeller, its financial modelling and reporting software technology for life insurers.
RiskAgility FM 3.0 provides life and health insurers with a new calculation approach to actuarial modelling, with faster run-times than current software.
This is thought to reduce the financial and environmental costs of current hardware or PAYG cloud compute resources.
Additionally, RiskAgility FM 3.0’s new calculation engine has been designed to complement Unify, Willis Towers Watson’s workflow automation and governance platform.
“The need to be faster, better and cheaper when delivering actuarial calculations is a concern for many CFOs, CROs and Chief Actuaries,” said Mark Brown, Global Product Leader, Life Financial Modelling at Willis Towers Watson.
“The new calculation engine from Willis Towers Watson has enabled them to make significant improvements in all areas, giving them more confidence in their ability to deliver regulatory and internal reporting on time; and allowing them to better model the risks they cover, leading to significant competitive advantage.”
Marcus Bowser, Head of Life Consulting for UK and Ireland, also commented: “Solvency II and IFRS 17 require insurers to perform ever more assessments of their balance sheet and profitability, which has inevitably led to a sharp rise in demand for greater computational power and increased infrastructure costs.”
“But now it is possible to cut these costs down to size. The phenomenal performance gains achieved by the RiskAgility FM development team are truly game changing for insurers, and will see significant cost reductions for insurers adopting RiskAgility FM 3.0.”