LONDON, May 5, 2021 — Willis Towers Watson has launched an updated version of its DataValidator technology, which helps P&C and Life insurers to use their data more efficiently by validating, cleansing and transforming data for use in financial modelling and reporting processes.
Timely access to good quality data continues to be one of the most difficult challenges facing the insurance sector due to struggles with legacy systems and the demands of IFRS 17 and other fast-evolving regulatory timetables. For insurers under pressure to achieve improvements in processes and efficiency across the whole enterprise, the enhanced features of DataValidator 2.2 offer material benefits, which include:
“DataValidator is user-friendly, fitting neatly into any existing data process, and helps ensure high-quality data.”
Tom Beasley,
Director and Product Lead for DataValidator, Willis Towers Watson
Tom Beasley, Director and Product Lead for DataValidator, Willis Towers Watson, said: “DataValidator allows insurers to streamline the production of their data for actuarial and risk analytics calculations. The software solution is user-friendly, fitting neatly into any existing data process, and helps ensure high-quality data. This generates significant efficiency gains by capturing issues early in the process, thus avoiding unnecessary rework and manual adjustments.”
According to Willis Towers Watson, these updates represent another step towards intelligent automation and will enable Unify to quickly and automatically extract key data quality information from DataValidator. This latest release also ensures a consistent and easy-to-use approach for data validation, removing reliance on manual legacy approaches, while at the same time providing comprehensive data quality assessments and thorough audit trails necessary for mandatory governance and audit readiness.
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.
