Best use of cloud technology: Willis Towers Watson vGrid
Finalists: FIS Prophet, Milliman
Cloud computing opens up the potential for improving the speed of risk and actuarial calculations, as well as saving money and being able to perform more detailed analysis within tighter timeframes.
Willis Towers Watson's vGrid technology has enabled users of its RiskAgility FM financial modelling software to access these opportunities.
The speed and flexibility have been demonstrated in several case studies. One involved Willis Towers Watson being approached one Friday for some urgent help with valuing a block of business for a potential acquisition.
The valuation required 45 projection tasks to be completed over the weekend, which worked out as approximately 429bn calculation steps, with each step involving many calculations.
Using 600 Microsoft HPC compute notes within the Willis Towers Watson data centre, combined with 504 Microsoft Azure compute nodes, all calculations were completed within two and a half days so the client had the precise valuations they needed on Monday.
Independent assessments have already proved a 27% cost saving for one insurance client by running vGrid over their on- premise system, the company adds.