Aon - ReMetrica
Type of System
- Capital modelling
- Economic capital aggregation
- Governance, risk compliance (GRC)
- Operational risk management
- Risk management
- Stress testing
- Asset/liability management
- Data management
- End-to-end ERM
- Solvency II solution
- Internal/external reporting
- Portfolio analysis/hedging
- Spreadsheet risk management
Type of platform
Other features - the offering facilitates:
- NAIC RMORSA
- Solvency II standard formula
- Solvency II internal model
- IFRS 17
What are the typical implementation costs?
Implementation and configuration are straightforward and simple; requiring a low set of internal resources. ReMetrica can be installed on a desktop, a server or a combination. Model implementation projects can vary anywhere between a couple of days to several months, depending on the scope and complexity.
How long does your software take to implement on site?
Standard implementation can be carried out in a few minutes. Some more sophisticated clients have more complex requirements. However, ReMetrica V7 works seamlessly with Microsoft’s High Performance Computing meaning these solutions can be implemented with little time or support overhead.
Please name companies that use the system/solution
Axa, Hannover Re, Legal and General, Allianz Risk Transfer, Zurich Insurance Tokio Marine Group
Most recent significant update:
With IFRS 17 on the horizon, actuaries play a critical role in calculating and reporting insurance reserves, reinsurance recoverables and forward-looking profitability.
In response, ReMetrica’s new IFRS 17 components enable actuaries to carry out an eligibility test for the simplified model, identify if a contract is onerous and track its account balance over time and automate the necessary calculations, assumptions setting and cash flow projections with flexibility and a transparent audit trail.
Planned future enhancements:
ReMetrica’s super-fast Gen 3 components will increase the speed of model runs by up to 60 times. These new components will allow users to leverage both CPU and GPU servers for even faster times.
These new components will be a part of the next 7.6 update that will be available by the end of 2019.
Alongside these new components, users can also use ReMetrica’s on-demand cloud service to expand their processing power to run increasingly large DFA models and manage peak time demands
How does your solution integrate with third-party systems or in-house systems?
ReMetrica’s sophisticated APIs enable actuaries to extract data from third party tools, such as catastrophe vendor models (notably Aon’s Impact Forecasting models) or ESGs. ReMetrica is also fully programmable with a .NET API. Users can easily create links to control ReMetrica from external applications.
What is the key attribute of your product(s) that differentiates it from your competitors?
A comprehensive library of advanced components means users can build models without the need for complex coding. Models are therefore transparent and can be understood quickly and easily by any user; removing key-man risk if a colleague leaves the role.
ReMetrica’s Ultimate Edition allows companies to industrialise their modelling processes. Features such as server-based team working, audit trails of all changes and model runs, plus the ability to design custom workflows without programming, take capital modelling to the next level.
Bridge the gap between your risk and finance departments with ReMetrica’s IFRS17 components