Igloo Standard Formula - Willis Towers Watson

Type of System

  • Asset/liability management
  • Capital modelling
  • End-to-end ERM or Solvency II solution
  • Governance, risk, compliance
  • Internal/external reporting
  • Portfolio analysis/hedging
  • Risk Management
  • Business planning

Type of Platform

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

Most recent significant updates:

Igloo Standard Formula is fully supported and maintained by Willis Towers Watson. We provide timely updates to accommodate any changes made by the European Commission either to the Standard Formula parameters or to the calculation logic. The latest version of Igloo Standard Formula is the seventh version, and was released in May 2017. Igloo Standard Formula also benefits from updates made to the underlying Igloo platform, the most recent of which was released in November 2017.

Planned future enhancements:

Igloo Standard Formula is fully supported and maintained by Willis Towers Watson, and future updates to the software will be made to accommodate any changes made to the Standard Formula by the European Commission. The next changes to the Standard Formula are due to be confirmed by the European Commission before the end of 2018, which will be reflected in an updated version of Igloo Standard Formula.

Other Features

The offering facilitates

  • Solvency II standard formula

Integration with third-party or in-house systems?

The Igloo platform integrates with corporate systems, typically data warehouses, through the Data Control Component and with Willis Towers Watson's automated process workflow solution, Unify.

Implementation and Costs

Typical implementation costs:

Varies with the scope of the implementation, with businesses licensing Igloo Standard Formula ranging from multinationals through to mono-line insurers. However, we typically find that Igloo Standard Formula is implemented at very low cost.

How long does your software take to implement on site?

The time to fully implement Igloo Standard Formula varies according to the nature and requirements of the business. However, Igloo Standard Formula can be used within a business immediately.

Key attributes of product:

Igloo Standard Formula is a powerful modelling tool that enables users to reduce complexity, improve governance and meet the changing Solvency II requirements. Drawing upon deep industry and domain expertise, we provide comprehensive support beginning with the implementation and installation of the software, right through to support with calculations, peer review and user training. Igloo Standard Formula is fully supported and maintained by Willis Towers Watson, with timely updates provided to reflect any changes made to the Standard Formula specification. The software allows user to quickly see how decisions might impact their business and promotes a wider understanding of risk.