Automation has accelerated processes in the post-Covid world and this means insurers increasingly need technology to delve deeper into their analysis, spot market trends and reduce human error when handling data.
WTW's technology tools ResQ and Unify offer insurers these benefits and that's why the company wins InsuranceERM's reserving solution of the year.
The judging panel were impressed how the ResQ loss reserving platform puts powerful modelling tools - both deterministic and stochastic - at users' fingertips. For example, a core analytical framework can be built and managed across projects with hundreds of reserving classes, to ensure consistency in approach.
Unify is an enterprise-risk and actuarial-systems integration, automation and governance platform that wraps around a company's existing technologies and processes.
The evidence provided by WTW showing how Unify leads to faster processing and transformation also stood out. For example, by using Unify, WTW said an application in Bermuda reduced a portion of the process to populate the Solvency Capital Requirement from five days of elapsed time to under 20 minutes.
The fact that ResQ and Unify can work in tandem also rated highly. WTW cited how it helped a multinational to automate its reserving process last year by using both tools together.
WTW said it created robust reporting for the multinational's management to help them understand how their results were changing, and what was driving the changes, all without manual effort to generate this information.
Tina Gwilliam, WTW's global proposition leader for reserving and ResQ, tells InsuranceERM the company is seeing analytic teams that have traditionally supported different functions coalescing into more integrated units. "These analytic teams are going to be driving business decisions, rather than advising."
She adds: "With ResQ and Unify, clients have eradicated inefficiencies and made reserving simpler and more friendly. Unify's automation and ResQ's pre-built analytics eliminate numerous working days spent processing data and preparing for reserve reviews, enabling more and deeper analysis, combined with better decision making."