The updated RiskAgility FM offers improved speed, efficiency and accuracy for life insurers under pressure from increasingly complex reporting requirements
Insurance brokerage firm Willis Towers Watson has launched a new version of RiskAgility Financial Modeller (RiskAgility FM), a financial modelling and reporting software for life insurers.
The latest version of RiskAgility FM 3.0 offers life and health insurers a new approach to calculate actuarial modelling and claims that the run times are ten times faster compared to the current software.
According to the firm, the latest RiskAgility FM is powered by a new calculation engine which was designed to complement its Unify, a workflow automation and governance platform.
When combined with vGrid, its on-demand computing technology, the calculation time is claimed to be reduced to a choice rather than a constraint. By reducing the amount of time and the number of reruns needed due to human error are reduced, the analysis time is maximised, thereby optimising an insurer’s reporting cycle.
Willis Towers Watson, life financial modelling global product leader Mark Brown said: “The need to be faster, better and cheaper when delivering actuarial calculations is a concern for many CFOs, CROs and Chief Actuaries.
“The new calculation engine from Willis Towers Watson has enabled them to make significant improvements in all areas, giving them more confidence in their ability to deliver regulatory and internal reporting on time; and allowing them to better model the risks they cover, leading to significant competitive advantage.”
Willis Towers Watson, UK and Ireland life consulting head Marcus Bowser said: “Solvency II and IFRS 17 require insurers to perform ever more assessments of their balance sheet and profitability, which has inevitably led to a sharp rise in demand for greater computational power and increased infrastructure costs. But now it is possible to cut these costs down to size.
“The phenomenal performance gains achieved by the RiskAgility FM development team are truly game-changing for insurers, and will see significant cost reductions for insurers adopting RiskAgility FM 3.0.”