Actuarial modelling solution of the year – RPC Consulting
RPC Consulting's actuarial and financial modelling platform, Tyche, was the clear winner in this category and was highly praised by the judges for being "a market-changing product" and "offering a truly end-to-end and flexible solution".
Tyche's raison d'être has always been about empowering actuaries and risk professionals, across non-life and life insurance firms, to do modelling themselves and speed up the turnaround of processes.
Alun Marriott, managing partner of RPC Consulting, says: "The firm is delighted to have won the award and expresses thanks to the judges, our clients, and most importantly our team for helping build Tyche into a truly game-changing platform."
Marriott says: "Tyche helps our clients in several ways. From a pure performance perspective, tasks which took days or hours to run can be achieved in minutes or seconds – 'real intelligence in near-real time' is our mantra. With little or no IT support, users can solve the most complex of tasks in a transparent and intuitive way."
He adds: "Tyche lies at the heart of a wider (and integrated) suite of tools covering non-life, life and composite businesses. This interoperability provides a more holistic view of the regulatory and commercial risks that firms face."
Tyche Hive, launched last year, has been another notable development. It allows users to distribute models across a pool of machines and enjoy improved runtimes, without recourse to specialist IT expertise.
RPC Consulting has come a long way from its beginnings in a garage in Cambridge in 2012. It now supports 50+ clients including many blue chip and governmental organisations.
Looking ahead, Marriott says he is excited to see Tyche used in a wider array of solutions. The Tyche Pricing System, for example, delivers a solution for commercial and reinsurance pricing with integrated modules for portfolio accumulation and capital modelling.
Marriott says: "The market reaction has been fantastic, with three global companies already signed up."
He added: "Our life business is also growing well. We've developed a new tool, the Tyche Model Generator (TMG) that automatically converts spreadsheets, e.g. policy valuation models, into Tyche's native high speed (and auditable) format. We're already using TMG with some large blue-chip composites to simplify their transition from legacy systems."