Willis Towers Watson has introduced ResQ 4.0, an enhanced version of its reserving software for property and casualty (P&C) insurers.
ResQ 4.0’s bit version will support companies with very large ResQ databases, as well as helps in stochastic analyses with an extensive number of simulations.
The new version holds capability to save collections of methods, calculations and data sets as templates, which can be used afterwards elsewhere within ResQ.
ResQ 4.0 also offers new counterparty default cash-flow method, which can be used in bad debt calculations of reinsurance.
The platform also enables to develop diagrams that show dependencies between data items and methods within reserving classes, allowing in understanding flows from data to final results.
In addition, the new version provides exposure as weights in the generalized linear model and Markov Chain Monte Carlo methods.
Willis Towers Watson P&C reserving software global product leader Peter England said: "ResQ has capitalized on the changing market dynamic by remaining current and as relevant today as when it was first developed.
"ResQ’s new features keep it at the forefront of industry trends, both in terms of computer technology and innovation in reserving methods."
Earlier this month, global risk advisor and insurance broker Willis Group Holdings and professional services firm Towers Watson have merged to create a new group, Willis Towers Watson, in a deal valued at around $18bn.
Willis Towers Watson operates as a global advisory, broking and solutions firm with around 39,000 employees in about 120 countries.