Aon - PathWise
Type of System
- Capital modelling
- Economic capital aggregation
- Economic / risk scenario generator
- Risk management
- Stress testing
- Asset/liability management
- Data management
- End-to-end ERM
- Solvency II solution
- Internal/external reporting
- Portfolio analysis/hedging
- Reserving solution
- Nested Stochastics
Type of platform
Other features - the offering facilitates:
- Least-squares Monte Carlo
- Replicating portfolios
- NAIC RMORSA
- NAIC Principle-based reserving
- Solvency II standard formula
- Solvency II internal model
- IFRS 17
What are the typical implementation costs?
A cloud trial environment can be set up in just a few days to jump start development and the onboarding process. The full project scope defines the implementation costs. Model implementation costs are charged on an hourly rate. Clients can model themselves too after completing our quick working guide.
How long does your software take to implement on site?
A trial environment only takes a day or two to set up. Depending on the number and complexity of products, implementing an entire life entity can take 3-6 months. We have implemented IFRS 17 for a large life insurer in 12-18 months’ time, including all the cash flow models for hundreds of products including hedging, the IT-architecture, reporting, and integration testing.
Please name companies that use the system/solution
PathWise is used daily in production by some of the largest life insurance companies in the world, to support valuation, hedging, new product development, and enterprise risk management activities. Here are a few sample names, as most of our clients wish to remain anonymous;
- SunLife Financial
Most recent significant update:
PathWise automates complex workflows through a robust and user-friendly “Drag & Drop” interface between environments (DEV, TEST, PROD) that are easily created and maintained in a single installation. It provides full traceability of all business logic.
We have also released a dynamic and customisable reporting dashboard that can be used for different purposes, such as IFRS 17 or US GAAP.
Planned future enhancements:
More APIs to integrate further with other systems, XBRL integration, and IFRS 17 subledger mapping to any general ledger.
How does your solution integrate with third-party systems or in-house systems?
PathWise can communicate with third-party databases such as Oracle and SQL, can use other system APIs, leverage existing Python packages, and use REST API protocol.
What is the key attribute of your product(s) that differentiates it from your competitors?
Aon continues to use the latest graphical processing units (GPUs) to speed up model calculations by hundreds of times versus legacy systems– speed is our USP. Because we consume much less electrical power, PathWise is a very green solution. It has integrated version control of data, models, and scripts designed to be future proof ‘write once and target often’ software.
PathWise easily handles the largest insurance portfolios by using data structures optimised for storage and computations, plus it has been tested on 100+ million policy records.
PathWise has the ability to easily visualise results, create reports in different formats like pdf and HTML, and set-up intelligent workflow automation. Moreover, we have automated technical model documentation that can be used by validation teams and external auditors.
Aon’s PathWise launched their IFRS 17 dashboard, based on their integrated GPU enabled cash flow engine and CSM engine