Solutions for Life is a comprehensive, integrated portfolio of software tools and consulting services that provide cutting-edge solutions across all areas of the Life risk management processes. They are designed to work together or individually within your existing eco-system and can either replace entire processes or just individual sub-optimal elements within your current portfolio.
Our vision is an integrated analytical systems architecture, building from where an insurer is today to transform and deliver solutions that address the whole risk and actuarial risk reporting process to enable them to deliver in a challenging marketplace. Solving the whole problem requires an end-to-end integrated approach, not just point solutions. However, this can be a daunting and challenging concept, with many projects failing to deliver on their promised benefits. To ensure success, software tools and processes should be integrated so that they work seamlessly together, and they should be hosted on appropriate infrastructure, underpinned by world-class services.
Solutions for Life is made up of three key components:
Best of breed tools
We believe that you need flexibility in choosing your software tools, building on components already in place and selecting best of breed solutions where existing systems are not fit for purpose or where gaps exist.
We provide market-leading tools specifically designed to support your end-to-end reporting needs, using a modular system to facilitate a best of breed approach, enabling you to leverage the investment in tools that you have already made.
Our solutions are designed with connectivity and automation in mind. We offer APIs and use open data formats to maximise integration and the ability to connect to various industry-standard file formats directly to reduce transformations.
Advanced Analytics and Decision Support
Radar
Fits predictive models rapidly to large and complex data sets to reveal underlying patterns in customer data, including claims experience, mortality, and renewals and conversion.
PulseModel
A stochastic multi-state mortality/morbidity model informed by detailed medical research combined with expert medical opinions; allows firms to rate business based on various medical risk factors.
STAR ESG
Generates economic scenarios and asset returns under risk-neutral or real-world bases in a globally consistent framework.
Financial and Capital Modelling
RiskAgility Financial Modeler (FM)
Enables life insurers to run financial models that accurately reflect their company's products and to run them in ways that are easily adapted to their business processes.
RiskAgility FM IFRS 17 Calculation Engine
Enables life insurers to run financial models that accurately reflect their company's products and to run them in ways that are easily adapted to their business processes.
RiskAgility Proxy Modeler (PM)
Standardizes and automates all stages of the proxy modeling process, reducing the manual effort in what can otherwise be a resource-intensive process.
RiskAgility Standard Formula (SF)
Aggregates the solvency capital requirement using the EIOPA Solvency II standard formula for life, health and PC business across single entities and groups.
Business Process Excellence
DataValidator
Validates and cleanses data to prepare it for use in downstream financial modeling and reporting processes, providing easily auditable reports to bring a level of rigor and governance to your data processes.
Unify
A systems integration workflow platform that helps automate and govern the end-to-end financial modelling and reporting process by incorporating a wide variety of software applications into user-defined workflows.
Radar Live
Enable real-time processing and quotations by integrating with rating systems, and performing price optimisation.
Flexible infrastructure
Infrastructure options have evolved. The evolution started by moving from desktop to data centre, but now the data centre is moving into the cloud. The cloud delivers on-demand, flexible performance so that model runs and process times become a choice rather than a constraint. There are a number of infrastructure options an insurer can choose to complement our tools, and we are on hand to avise the right solution to suit your business needs.
The choice of environment to run your models is key to both managing down your IT costs and ensuring you have the power available when your business needs the agility to respond to changing circumstances.
We can offer both fully-hosted SaaS and “compute on demand” SaaS options. Alternatively our solutions can be run by your IT department on desktops, in data-centres, or in the public cloud.
Solutions for Life infrastructure options include:
RAFM - vGrid
Combined with RiskAgility FM, vGrid provides fully scalable, on-demand access to compute resource, delivered as a fully managed service by Willis Towers Watson.
Igloo Cloud
Igloo offers P&C insurers of all sizes the analytic power and flexibility to harness the value of capital and broader risk models, helping them to better understand their risks and resulting capital needs.
World-class services
Our world-class consulting services inform our tools, meaning they continue to be leading-edge and remain at the forefront of the insurance industry's latest thinking.
As new market challenges arise, our services have expanded to ensure our solutions continue to meet your needs. We go beyond traditional actuarial services, encompassing IT integration and SaaS, to bring you an innovative solution to your risk technology demands.
Our consultants and services ensure that you get the best from the solutions that we offer, and can integrate them fully into your environments:
Technology Consulting
To design, implement and optimise the technology.
Actuarial consultancy
A global community with the strategic and analytical skills to apply the latest techniques from around the world.
Finance and accounting consultancy
Focusing on IFRS 17 integration challenges.
Technology support services
24/7 support solutions dedicated solely to specialised insurance risk solutions and linked into our consultants and developers.
Cloud operations
Delivering 24/7 managed and maintained SaaS solutions.