Willis Towers Watson - Unify
Type of System
- Business Process Automation and integration
- Data management
- End-to-end ERM
- Governance, risk, compliance (GRC)
- Internal/external reporting
- Operational risk management
- Reserving solution
- Risk management
- Solvency II solution
Type of platform
Other features - the offering facilitates:
- IFRS 17
- Solvency II internal model
- Solvency II standard formula
How long does your software take to implement on site?
Most recent significant update:
Recent releases have focused on ease of use – decreasing the amount of code required to automate processes, improving governance by allowing more flexible filtering and customization of audit reports and workflow information and enabling easy reproduction of historical workflows and stress testing of new models with historical data or new data with historic models. Further, Willis Towers Watson continues to increase integration with its broad software suite and third-party tools.
Planned future enhancements:
Future enhancements will increase ease of use including a refresh of the workflow designer application to provide an enhanced user experience, the creation of additional workflow accelerators to help deliver value quicker and providing more pre-built connectors to common tools to speed implementation and further reduce coding.
How does your solution integrate with third-party systems or in-house systems?
Unify connects and integrates with all the tools and systems in an insurer’s infrastructure. Unify exploits API’s and command lines to orchestrate and control third-party and in-house systems. Further, it can wrap around existing ETL processes and scripts to remove manual intervention and to create a full end-to-end process with robust governance and control.
What is the key attribute of your product(s) that differentiates it from your competitors?
Unify is the only automation and governance platform designed specifically for the insurance industry. It makes it easy to automate the common tools used in the insurance space and provides robust controls and governance for a heavily regulated industry. Significant capabilities come out of the box, drastically reducing cost to implement and maintain while delivering more value much quicker. Unify democratizes automation and brings it to the risk, finance and actuarial realm transforming insurance processes while eradicating inefficiencies and reducing human error.
What trends are you seeing in terms of customer demand?
There is rising demand by insurers to better utilize modern technologies such as cloud computing and automation to meet rapidly increasing future needs due to several drivers, cost challenges, regulatory pressures and desiring more insights from actuarial, risk and finance. This trend continued and accelerated throughout the pandemic. As we now emerge from COVID-19, significant uncertainties remain: how fast and how long will the economic recovery last? How long will vaccinations remain effective? Will we reach herd immunity and be able to return to previous ways of working? Will employees return to offices? For all these uncertainties, having relevant and timely data at your fingertips to make strategic decisions and having the agility to quickly react to emerging trends is what will separate the good from the great. Companies that have embraced automation are far more likely to be able to manage those uncertainties and steer their businesses towards greater success.
Unify, the orchestration and governance platform uniquely designed for the insurance industry, eradicates inefficiencies and reduces human error.