LONDON, October 29, 2024 — WTW (NASDAQ: WTW), a leading global advisory, broking and solutions company, has announced the launch of ResQ Machine-led Reserving, a game-changing technology for insurers and reinsurers to enhance accuracy and efficiency in P&C reserving.
“ResQ Machine-led Reserving delivers faster, more precise results that allow reserving teams to focus where it matters.”
Tina Gwilliam | Global Proposition Leader for Reserving and ResQ at WTW
Tina Gwilliam, Global Proposition Leader for Reserving, WTW, said: “The insurance industry has long faced challenges with expensive, infrequent, low-granularity analyses for financial reporting. ResQ Machine-led Reserving delivers faster, more precise results that allow reserving teams to focus where it matters and provide insights to support broader business needs.”
ResQ Machine-led Reserving uses proprietary algorithms that optimise the core reserving methods in ResQ, WTW’s industry-leading loss reserving solution, to create fully automated and independent loss estimates at the touch of a button.
Back-testing of ResQ Machine-led Reserving projections against actual historical human-selected best estimates has shown significant outperformance compared to human practitioners alone with both increased accuracy and stability in estimated ultimates.
The projections are based on traditional techniques, so the results can be fully understood and easily adjusted if required. The ability to adapt quickly to changing business needs gives users of ResQ Machine-led Reserving the confidence to scale to higher complexity, granularity and frequency without losing control or interpretability.
Tina Gwilliam said: “ResQ Machine-led Reserving is transforming the way in which forward-thinking insurers operate, with accurate and transparent projections of ultimate losses. It allows reserving teams to deliver increased value and brings algorithmic reserving to pricing and portfolio management functions.”
WTW’s Insurance Consulting and Technology business serves the insurance industry with a powerful combination of advisory services and leading-edge technology. Our mission is to innovate and transform insurance, and we deliver solutions that help clients better select, finance, and manage risk and capital.
We work with clients of all sizes globally, including most of the world’s leading insurance groups. Over 1,000 client companies use our specialist insurance software on six continents. With over 1,700 colleagues in 35 markets, we continually strive to be a partner and employer of choice to the insurance industry.
At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organisations sharpen their strategy, enhance organisational resilience, motivate their workforce and maximise performance.
Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success—and provide perspective that moves you.
Insurers report substantial work is still needed to better understand and explain IFRS 17 results and improve business as usual reporting processes, according to WTW survey.
