Towers Watson (TW) has launched a new software that will enhance customer experience by helping insurers integrate their financial modeling and reporting applications into an automated process.

Towers Watson Unify, the software is an enterprise risk and actuarial systems platform and allows the integration of software products at the same time providing automation of flexible, user-defined workflows to run these solutions.

The platform also allows security, version control and automated creation of comprehensive audit trials of the integrated workflows.

Towers Watson global Life Financial Modeling and Reporting leader Joel Fox said: "Insurers require richer and deeper analysis, more frequently and quickly, with strict governance and controls.

"Yet they face an economic environment that demands substantial reductions in overhead, which means they can’t just throw more expensive resources at the problem. They need to do more, faster, for less. Towers Watson Unify is a transformational solution that enables them to do that."

Working on Towers Watson’s risk software products like Solutions for Life and third-party software, the new technology helps in providing better data flow and interaction between these applications.

User-defined workflows can be fully automated and can be triggered manually.

"Unify allows insurers to fundamentally change their end-to-end financial modeling and reporting processes to run with greater efficiency and consistency, and proper governance. With Unify, insurers can rise to a higher standard of performance in risk and capital management," added Fox.