Willis Towers Watson - ResQ
Type of System
- Data management
- Internal/external reporting
- Reserving solution
Type of platform
Other features - the offering facilitates:
- IFRS 17
- Least-squares Monte Carlo
What are the typical implementation costs?
Most clients implement ResQ themselves since the installation and project set-up is straightforward. When requested, we can mobilize a global team of consultants
with expertise in all aspects of reserving, from line-of-business knowledge to technical software deployment, reserving process improvements and financial transformation projects.
How long does your software take to implement on site?
New users can be up and running within a day. The length of time to implement depends on the size and complexity of the insurance operation, as well as the resources dedicated.
Please name companies that use the system/solution
ResQ is used by over 400 companies, and by 17 of the top 20 leading insurance groups.
Most recent significant update:
Our Summer 2021 release includes:
Easier extraction of the rich information in ResQ
The new Data Exporter feature provides an easy way to export any data, results and diagnostics from ResQ without writing code. By leveraging the wealth of information in ResQ efficiently, users save time and facilitate effective communications to a wide set of stakeholders.
Enhanced Bornhuetter-Ferguson prior ratio selection
It is now easy to compare, adjust and select between multiple prior ratios within the Bornhuetter-Ferguson method, increasing the information which can be considered during parameterization and enhancing the ability to produce accurate projections of ultimate claims.
Continuous improvement of integration with Unify
More pre-built Unify activities for licensees of Willis Towers Watson’s system integration, automation and governance platform accelerates the creation of bespoke workflows to automate reserving processes.
IFRS 17 features for ResQ Financial Reporter licensees, and additional smaller features for reserving
Planned future enhancements:
We have been investing and developing ResQ for over two decades and are committed to continued innovation to meet clients evolving needs. We regularly engage with our broad client base to inform our development priorities and share our planned releases with our user base.
How does your solution integrate with third-party systems or in-house systems?
The ResQ COM interface and API allows integration with other systems. ResQ's COM-enabled functionality enables you to write executable applications / macros that can automate processes throughout the reserve project cycle. Further, ResQ can be more fully integrated in the end-to-end reserving and financial reporting processes via workflows governed by Willis Towers Watson’s Unify.
What is the key attribute of your product(s) that differentiates it from your competitors?
Our combination of leading-edge technology combined with deep insurance domain expertise around the globe, allows us to innovate and transform insurance together with our clients.
What trends are you seeing in terms of customer demand?
We see insurer needs evolving to:
- Shorter control cycles, and “always on” real-time monitoring
- More granular monitoring and business management
- Automation of analytics, monitoring and insight extraction
Reserving teams are evolving from a focus on regulatory reserving to a focus on business insights to drive decision making.
ResQ combines powerful modeling and reserving methods with flexible mechanisms to structure, access and manage data sets.