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
- Business planning
Type of Platform
Most recent significant updates:
Igloo 5 was very successfully released on schedule in November 2017. This was the most significant update for a number of years, fully updating the existing system to 64-bit processing and bringing the Igloo Gen2 calculation engine to market. Whilst retaining backwards compatibility to protect client investments Igloo 5 and Igloo Gen2 provide access to the most modern technology and has proved to be up to 11x faster with plenty more still to come.
Planned future enhancements:
The new Igloo Gen2 interface makes use of modern technology and design, and opens the way for innovations such as mobile and web-based solutions.
Igloo is already fully available as a cloud application with a number of large client environments being entirely within the public cloud. SaaS and IaaS capability are available to demonstrate right now and are scheduled for release early in 2019 giving clients access to significant reductions in IT costs whilst providing the capability for supercomputing performance.
Other Igloo Gen2 performance improvements include more calculation engine optimisations and we anticipate significant performance in the next releases. We also recognize the ongoing need to automate and communicate with third party systems. We will shortly be releasing our new Microsoft Office add-in – significantly enhancing our Excel reporting capability.
The offering facilitates
- NAIC's RMORSA
- Solvency II standard formula
- Solvency II internal model
- IFRS 17
- Principle-based reserving
Integration with third-party or in-house systems?
Igloo integrates with corporate systems, typically data warehouses, through the Data Control Component and with Willis Towers Watson's automated process workflow solution, Unify. 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. However, we typically find that our standard libraries enable most businesses to implement at very low cost and little need for bespoke modelling adjustments.
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:
Stability and reliability: 20 full time developers dedicated solely to the product and direct access to 200 others.
Demonstrable backwards compatibility: Releases can run all other models written on prior versions.
Transparency: All calculations are open to inspection both on client code and also the libraries written by Willis Towers Watson.
Accessible functionality: Using libraries users can access models for both regulatory and business decision support with no programming or development overhead.
Versatile model development: Enables flexible and accelerated construction of models without requiring deep knowledge of the math or algorithms.
Enterprise capabilities: Can be managed and installed on servers and delivered via virtual machines if appropriate.
Please name companies that use the system/solution:
Igloo is the market leader. Prefer not to name specific clients.