AonBenfield - ReMetrica
General description of system
ReMetrica is a risk modelling framework / dynamic financial analysis (DFA) tool for strategic decision-making. The software is a Monte Carlo simulation tool with an extremely easy-to-use graphical interface enabling users to quickly build models and run analyses for a variety of financial decisions. No programming is required to build the software. The software provides the following advantages:
- Flexibility
- Transparency
- Auditability
- Robustness
- Productivity
Launched in 1999, ReMetrica was the first system on the market to have a graphical front end interface.
Functions performed
ReMetrica is used for a wide variety of purposes including especially the following:
- Enterprise risk management / economic capital modelling
- Risk quantification and correlations, risk appetite
- Capital adequacy & allocation
- Measuring returns on capital & the cost of capital
- Measuring/testing risk treatment strategies
- Business Planning / forecasting
- Product pricing & planning (e.g. entering a new line or territory)
- Strategic business mix - portfolio effects, diversification benefits
- Scenario testing
- Corporate structure analysis, mergers & acquisitions etc.
- Portfolio aggregation
- Asset & liability management
- Reinsurance strategy & capital market transactions
- Optimizing structure, technical pricing, internal cost allocation
- Cat bonds, ILWs, sidecars, swaps, basis risk analysis, contingent capital etc.
- Operational risk
Specific Solvency II features
Many of Europe's insurers are using ReMetrica for internal capital models aimed at Solvency II.
- ReMetrica is one of the most comprehensively documented systems on the market with over 800 pages of technical specification for the user and regulator.
- ReMetrica is used by many of the world's top actuarial consultants, providing insurers with a choice of independent and knowledgeable auditors of their internal capital models. This independent audit & validation is vital for gaining regulatory approval.
- Aon Benfield used its background as a transaction intermediary to design ReMetrica from the beginning to assist users with business decisions. This context has been crucial in influencing the design of the software to enable improved and timely decision making - enabling users to embed the systems in the way they do business.
Specifications
ReMetrica may be installed on a desktop or server. Installation requires some flavour of Windows and Office, and a relational database - typically SQL server - may be used in addition. ReMetrica is one of the fastest systems on the market on a single processor, and users may run the simulations in parallel across a network for increased performance.
ReMetrica is fully programmable with Visual Basic for Applications (VBA) by Microsoft, and may be embedded within user applications using Com or .NET .
Licensing/sales/support
Companies may license the software on a standalone basis or together with consulting. There is an annual licence fee which includes training, email / telephone hotline support, support website, and upgrades which occur at least once every year. There are also annual user conferences in the US, Europe and Japan.
Types of user
- Non-life and Composite Insurers
- Reinsurers
- Consultants
Areas/countries with the most users
ReMetrica is a market leading tool used widely throughout the non-life insurance industry. The user base is worldwide including
- UK
- Europe
- Bermuda
- US
- Japan
- Asia
- South Africa
- Israel and Middle East
Contact person and details
Paul Maitland
Aon Benfield
55 Bishopsgate
London EC2N 3BD
UK
Email: paul.maitland@aonbenfield.com
Tel: +44 207 522 3932