Towers Watson, a global professional services company, has introduced an improved financial modeling application, based in Igloo, for property and casualty (P&C) insurers in the US.
The new application enables insurers to model their business fast, for improved management of risk and capital on a U.S. GAAP, U.S. STAT, or economic basis.
Besides providing direct link to Towers Watson ResQ reserving software to facilitate the alignment of capital modeling and reserving decisions, the application’s core engine offers nonstop functionality, such as economic drivers, reserves, underwriting, reinsurance, assets, financials and capital-setting allocation.
In order to enable companies to have better understanding of risk volatility, as well as monitoring and reporting them to senior management, the application comprises parameterization tools and a suite of user-friendly reports.
Towers Watson Americas P&C sales and practice leader Tom Hettinger said that the Igloo US modeling application makes it much easier for insurers to get up to speed quickly.
"This allows P&C insurers to quickly realize the full benefits from their models for business planning, strategy development and enterprise risk management," Hettinger added.
Towers Watson Igloo, which enables companies to quickly see how decisions might impact the risk and performance of the business is being used by insurers, reinsurers, financial institutions and regulators.