Towers Watson, a New York-based professional services firm, has released an updated version of its financial modeling software, MoSes US Life Modeling Suite (USLMS) version 1.1, to help US life insurers improve risk and capital management.

The upgraded version includes new applications for modeling fixed annuity, fixed indexed annuity and term life products.

According to the Towers Watson, the updated USLMS software also provides enhancements to existing applications for variable annuity and universal life products, as well as improvements to asset modeling, economic scenario generation and reporting capabilities common to all applications in the suite.

The applications calculate point-in-time and projected values on a statutory principle-based approach (PBA) and GAAP basis using dynamic, real-time calculation techniques.