Global professional services company Towers Watson (TW) announced the launch of vGrid, an infrastructure-as-a-service software tool that allows life insurers to run their models via an on-demand, cloud-based technology grid.
vGrid possesses substantial computing power resources that enable insurers to meet their peak demands for higher-quality information faster and more efficiently without the associated cost of an in-house infrastructure.
"Heavily fluctuating and increasingly burdensome regulatory reporting requirements are forcing many of our life insurer clients to make adjustments to their business infrastructure," said Joel Fox, Towers Watson’s global Life Financial Modeling and Reporting leader.
"However, in this process to improve efficiency and reduce costs, they often find themselves restricted by outdated systems."
Towers Watson’s vGrid software is designed to complement its RiskAgility FM software, which helps life insurers develop and run financial models to better manage risk and safeguard solvency.
vGrid also removes the complexity and problems associated with scaling models by offering users access to on-demand computing power that has the flexibility to support business growth.
"The management of large computing capacity can be time-consuming and expensive for life insurers, especially when demand heavily fluctuates from daily use to peak periods," said Fox.
Towers Watson is a leading global professional services company that helps organizations improve performance through effective people, risk and financial management.