Aon - ReMetrica
Type of System
- Asset/liability management
- Capital modelling
- Catastrophe modelling
- Governance, risk, compliance (GRC)
- IFRS 17 solution
- Insurance risk mitigation including reinsurance, ILS
- Internal/external reporting
- Operational risk management
- Solvency II solution
- Stress testing
Type of platform
Other features - the offering facilitates:
- Solvency II internal model
What are the typical implementation costs?
ReMetrica implementation costs are very low. ReMetrica can be installed on standard hardware including laptops or existing servers. ReMetrica scales well using existing hardware this means your IT is simple and costs are low. In addition, our new superfast components significantly improve run-time speeds, leveraging Graphical Processing Unit hardware to achieve runtimes of up to 55 times faster than on a typical Central Processing Unit.
There is a low cost to building and maintaining ReMetrica models.The architecture of ReMetrica differs materially from conventional coded models in that it removes the need for technical programming knowledge to build, maintain and change the model, significantly speeding up the process of ‘getting the answer’ and lowering the costs of operating the model over its life-cycle. We believe that for an agile, nimble company that needs to be flexible to take advantage of new opportunities, this approach provides more flexibility, less key man risk and less reliance on external consultants.
How long does your software take to implement on site?
ReMetrica was designed from the beginning to be a zero coding platform. With ReMetrica you can build models without the coding and only require one to two days of training. ReMetrica’s visual drag and drop interface and comprehensive library of pre-built re/insurance, investment and statistical components enable efficient and intuitive model construction. Simple models can take a few hours to complete.
Please name companies that use the system/solution
- Tokio Marine Group
- Zurich Insurance
Most recent significant update:
ReMetrica V8 contains a new simulation engine that allows analysts to achieve runtimes of up to 55 times faster than a typical CPU run for a catastrophe reinsurance model.
This is powered by new Gen3 components that are coded in C# to drive speed and transparency, and use NVIDIA CUDA to allow for parallelized execution on both multi-core CPU and GPU architectures.
Dynamic Model Builder
ReMetrica’s dynamic model builder enables models and reports to be automatically created from templates without writing any code.
As insurance companies evolve, modelling must adapt to reflect business planning and reinsurance strategy. Aon’s zero-coding approach in ReMetrica empowers model builders to create reusable templates. This means that teams and non-technical users can access and run data-driven modelling apps for strategic insights, without needing to manually build the model or write any code.
Planned future enhancements:
We will be launching ReMetrica Web Edition which allows companies to build and implement risk modelling applications from ReMetrica template models. ReMetrica Web Edition works in conjunction with the dynamic model builder and means companies can launch in-house applications quickly.
How does your solution integrate with third-party systems or in-house systems?
ReMetrica has a rich programmable API which our clients use to integrate into their existing system.
Most clients use the API’s to take in data feeds from CSVs stored in locations or live link to databases such as RMS.
Some clients have made use of Workflows and store multiple ELTs in a central location. The Workflows can then pick up the right ELTs and put them in the correct place part of the ReMetrica model.
Other clients have linked ReMetrica directly to their database for reporting where they have created a deal-by-deal capital model. Custom labels are data to the data in ReMetrica, this is then streamed into a database for accumulation and management reporting.
ReMetrica’s API also allows you to extract your results directly to Python and r for further statistical analysis.
What is the key attribute of your product(s) that differentiates it from your competitors?
ReMetrica is a zero coding platform allowing you to build models without any programming. The pre-built library of components is comprehensive and allows you to build bespoke capital models efficiently. ReMetrica models have a low cost of maintenance and can be understood by anyone with ReMetrica training. This means there is a low key-man risk or reliance on 3rd parties for the support of your model.
What trends are you seeing in terms of customer demand?
Companies are starting to build automation around their models to make things like testing or runs by non-technical users more efficient. This in turn leads to a move towards companies wanting to build risk modelling applications which are built on enterprise level architecture, but that can be implemented quickly. This sits really well with our dynamic model build and ReMetrica Web Edition.
ReMetrica: Enabling insurers to bring insightful, risk-based financial modelling to strategic decision making.