Global professional services firm Towers Watson has introduced updated software, RiskAgility FM US Library applications version 3.0, for life insurers.
The new version of the financial modeling solution comprises regulatory updates and new features for universal life, including multiple reinsurance treaties.
It also includes significant improvements in GAAP functionality and enhancements that enable the publishing of US Library applications to Towers Watson Unify.
Towers Watson Unify is a workflow platform, which offers integration, automation and governance for all parts of the risk modeling process.
Towers Watson risk consulting and software managing director Elinor Friedman said: "RiskAgility FM US Library applications version 3.0 strengthens our value proposition across the U.S. insurance market.
"This updated version provides more extensive built-in functionality to support the modeling of features common to US life, health and annuity products."
The US Library applications allow insurers to promptly implement financial models, which provide financial analytics required by internal management, regulators and rating agencies.
In addition, the applications will help insurers to accommodate company-specific features within a controlled development environment.
Earlier this month, Towers Watson signed an agreement to acquire Canadian insurance technology business, Brovada, for around $15.24m.
Towers Watson provides consulting, technology and solutions in the areas of benefits, talent management, rewards, and risk and capital management.
Image: Towers Watson has launched updated software for life insurers. Photo: courtesy of Stuart Miles/ FreeDigitalPhotos.net.