validateR, Barnett Waddingham's flexible, cloud-based software solution has won InsuranceERM's risk innovation of the year award.

The cloud-based solution allows first and second-line modelling teams to reduce time spent on data processing and calculations, freeing up resources to deliver more value-adding insights to key teams.

validateR is fast, with a full test suite that can run within minutes, facilitating in-depth analysis at a greater pace than more traditional methods. The model is also powered by Microsoft Azure, enabling large model runs that are not subject to hardware bottlenecks.

Across a single validation exercise, insurers can expect to free up at least ten days of additional resources for further analysis, supporting key teams working under compressed timetables.

validateR also continuously evolves according to client feedback, with key changes in the past 12 months including a new suite of sensitivity tests, as well as customisable output templates for tailored reporting.

In one example, Lloyd's legacy syndicate for their annual capital submission included a model that had grown to 500,000 simulations across many capital classes and risks. validateR was able to perform IMV in a faster timeline, processing over 150 million data points across model runs.