After coming of age in 2022, cloud technology is reinforcing its importance in the insurance sector as the need for regulatory compliance and increasing innovation grows even stronger. WTW's Igloo Cloud software, launched in 2021, took the title with its offering that reaches over 1,000 users in 150 firms.
The insurance technology and advisory company say Igloo clients include six of the top 10 US non-life insurers, five of the top 10 European insurers and six of the top 10 Asia-Pacific non-life insurers.
WTW's Igloo Cloud software expands on its existing Igloo offerings and enables clients to accelerate and scale capital modelling by placing it at the centre of their strategic decisions.
Igloo Cloud also reduces the end-to-end cost by removing the need for additional elements, such as IT support, hardware and disaster recovery, and its on-demand nature provides greater flexibility for consumers.
The judging panel described the software as a stand out rounded entry while other judges noted its client benefits are diverse and well-articulated with both business risk and IT considerations included.
"I think the difference with us [compared to competitors] is that we really do focus on innovating," explains Chris Bird, global proposition leader for property and casualty capital modelling and enterprise risk management at WTW.
He adds a key focus for the company on cloud innovation is on evolving capital modelling beyond its traditional widespread usage for regulatory compliance.
"Primarily in the UK it's used for regulatory purposes, but we see there are big opportunities to use it beyond [this]. We do this a lot in the US where there isn't a [major] regulatory need and you see people have a lot more freedom to do other things, really expansive things [with the cloud] that are real value-add."