LONDON, 7 January, 2021 — Willis Towers Watson has launched a new version of RiskAgility Financial Modeller, its industry-leading 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 run-times typically ten times faster than current software.
Companies are increasingly aware of the environmental and financial implications of running large actuarial models in their own data centres and the cloud. Willis Towers Watson's next generation calculation engine, available through RiskAgility FM 3.0, enables models to run, on average, 10 times faster than previously possible, reducing financial and environmental costs of current hardware or PAYG cloud compute resources. Larger insurers have the potential to realise annual savings in the millions of dollars.
RiskAgility FM 3.0’s new calculation engine has been designed to complement Unify, Willis Towers Watson’s workflow automation and governance platform. When combining these with the near limitless scaling of vGrid, its on-demand computing technology, the calculation time becomes a choice rather than a constraint. By reducing the amount of time wasted and the number of reruns needed due to human error, pressure on actuarial resources is reduced, time for analysis is maximised and an insurer’s reporting cycle optimised, helping to make the business more efficient.
Mark Brown, Global Product Leader, Life Financial Modelling, Willis Towers Watson, said: “The need to be faster, better and cheaper when delivering actuarial calculations is a concern for many CFOs, CROs and Chief Actuaries. 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.”
“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”
Marcus Bowser | Head of Life Consulting,
UK and Ireland, Willis Towers Watson
Marcus Bowser, Head of Life Consulting, UK and Ireland, Willis Towers Watson, said: "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."
Willis Towers Watson’s Insurance Consulting and Technology business has over 1,200 colleagues operating in 35 markets worldwide. It is a leading provider of advice, solutions and software – primarily to the insurance industry. Its consulting services help clients manage risk and capital, improve business performance and create competitive advantage – by focusing on financial and regulatory reporting, enterprise risk and capital management, M&A and corporate restructuring, products, pricing, business management and strategy.
Willis Towers Watson (NASDAQ: WLTW) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has 45,000 employees serving in more than 140 countries and markets. We design and deliver solutions that manage risk, optimise benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas — the dynamic formula that drives business performance. Together, we unlock potential.
