Best reserving software: Willis Towers Watson ResQ
Finalists: ADDACTIS, Milliman Arius
Willis Towers Watson's ResQ is one of the best-know loss reserving systems for insurance and reinsurance. It combines powerful modelling and reserving methods with flexible mechanisms to structure, access and manage data sets.
The software reduces the opportunity for human error through the use of wizards and management of aggregation calculations across projects. ResQ can be embedded in wider data systems and automate complex tasks.
Compared with spreadsheet-based solutions, Willis Towers Watson claims a number of advantages, such as the ability to create totals across all classes or compare patterns or models in different classes; the ability to lock-down data or models (a key requirement for some regulations such as Sarbanes-Oxley); an automatic audit trail; regular updates to reflect the changing requirements of Solvency II and IFRS; and simple rolling forward of previous analyses.
Clients cite the flexibility to approach reserving in the way they want, for example by blending their own macros with the data handling, graphics tools and Excel linkage in the main ResQ package.
ResQ also offers optional stochastic simulation capability, to help users increase confidence in setting reserves