Global reinsurance intermediary and capital advisor of Aon plc, Aon Benfield, has unveiled version 6 of ReMetrica, its dynamic financial analysis tool, for more accurate credit risk modeling.

According to the firm, the new tool will assist to decrease model size by up to 95% when other tools are becoming increasingly complex in a Solvency II world.

The updated system is equipped with super-components that reduce the size of the model to just 5% in some cases, to cut down on the complexity of modeling, and high performance computing (HPC), which supports larger models facilitating faster run times with refined job management facilities, claims the solution provider.

Aon Benfield Analytics international head of ReMetrica Paul Maitland said, "Capital models are becoming increasingly large in scale as insurers respond to regulatory and rating agency pressures, coupled with their own internal pressures to manage risk according to their appetite and tolerance levels."

"In short, these improvements are designed to make the work of the modellers faster and more efficient, but still maintain the accuracy and transparency of results."

ReMetrica v6 has been built upon recent Solvency II-focused enhancements to help insurers and reinsurers meet the proposed regulatory requirements, including the ORSA, and to enable more effective reporting for the Lloyd’s market.

Aon is a provider of risk management, insurance and reinsurance brokerage, and human resources solutions and outsourcing services in more than 120 countries across the globe.