IGLOO - Willis Towers Watson

Type of System

  • Asset/liability management
  • Capital modelling
  • Data management
  • Economic capital aggregation
  • Economic scenario generator
  • End-to-end ERM or Solvency II solution
  • Governance, risk, compliance
  • Internal/external reporting
  • Operational risk
  • Portfolio analysis/hedging
  • Risk Management
  • Reinsurance optimisation
  • Business planning

Type of Platform

  • Cloud
  • Desktop-based
  • Server-based
  • Web-based
  • Grid
  • SaaS

Most recent significant updates:

Following the successful release of Igloo 4.5 in May 2016, Igloo 5 is to be released in November 2017. This is the most significant Igloo release for a number of years and particularly focuses on model performance. Igloo 5 includes full 64 bit support and also the first release of components of Igloo Next Generation. As with all Igloo releases, Igloo 5 is fully backward compatible, protecting the investment made by existing clients.

Planned future enhancements:

Release of the Igloo Next Generation interface.  This makes use of modern technology and design and opens the way for innovations such as interfaces specific to a particular use and web-based solutions.

Igloo Next Generation performance improvements. The calculation engine has many more optimisations in the roadmap and we anticipate significant performance boosts even following Igloo 5.

Igloo Next Generation advanced calculation distribution. This will provide the capability to distribute calculations automatically to as many compute resources as available – whether in house grid or within the cloud. With this capability, runtime potentially becomes a user input.

Igloo Cloud services. Igloo is already fully available as a cloud application with a number of large client environment being entirely within the public cloud. Future enhancements planned include full SaaS and IaaS capability, giving our clients the ability to significantly reduce infrastructure costs.

Igloo Libraries. Igloo libraries are continuously developed to reflect our experiences in the market and our view of upcoming requirements. Particular library enhancement planned include:

  • Updates to Igloo Standard Formula to implement capital projection
  • New libraries to implement IFRS 17 risk adjustment estimation and full calculation IFRS 17 fulfilment cashflows and reserves.

 

Other Features

The offering facilitates

  • Curve-fitting
  • Least-squares Monte Carlo
  • NAIC's RMORSA
  • Solvency II standard formula
  • Solvency II internal model
  • Replicating portfolios
  • IFRS 17

Integration with third-party or in-house systems?

Igloo integrates with corporate systems, typically data warehouses, through the Data Control Component and with "Unify" our broader business process orchestration platform. Igloo also routinely integrates with third-party catastrophe models and ESGs.

Implementation and Costs

Typical implementation costs:

Varies with the scope of the implementation, however, businesses licensing Igloo range from the very largest multinationals through to single line specialist domestic insurers.

How long does your software take to implement on site?

The time to fully implement Igloo varies according to the nature and requirements of the business. However, Igloo is provided with a number of ready to go, market/best practice libraries that allow firms to immediately use Igloo with no need to develop new models or functionality, significantly reducing the time for Igloo to be effectively integrated within the business.

Key attributes of product:

Igloo is one of the insurance industry's leading modelling platforms, noted for its transparency and scalability.

Key benefits include:

Stability and reliability: Igloo is a cornerstone of the Willis Towers Watson software business with 20 full time developers dedicated solely to the product and direct access to 200 others within the Insurance Consulting and Technology business.

Demonstrable backwards compatibility: All Igloo releases are backwards compatible and can run all other models written on prior versions.

Transparency:All calculations (and intermediate calculations) are open to inspection both on client code and also the libraries written by Willis Towers Watson. There is no such thing as a black box within Igloo.

Accessible functionality: Clients making use of the supplied fully featured powerful libraries can fully focus on the use of the models for both regulatory and business decision support with no programming or development overhead.

Versatile model development: Igloo is supplied with a number of key features and components enabling the flexible and accelerated construction of models (such as detailed dependency modelling) without requiring users to have deep knowledge of the maths or algorithms.

Enterprise capabilities: Igloo is offered as a standalone workstation product and can also be managed and installed on servers and delivered via virtual machines if appropriate.