Type of System
- SaaS online actuarial workplace
Type of Platform
Most recent significant updates:
vPlace was launched externally in July 2017. vPlace 2.2 supporting ResQ and more efficient scaling will be released in Q3 2018.
Planned future enhancements:
Single-Sign On (SSO) and Bring-Your-Own AAD tenant will be delivered in Q4 2018 to facilitate identity management.
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?
vPlace brings Willis Towers Watson's suite of actuarial software tools to the cloud to allow them to be consumed as Software as a Service through a single online portal powered by Microsoft Azure. RiskAgility Financial Modeller (FM) and ResQ are the actuarial software products hosted on vPlace, together with supplementary tools such as Microsoft Excel and close coupling with Willis Towers Watson's vGrid solution. Further Willis Towers Watson products are scheduled to be supported on this platform over the coming year.
Implementation and Costs
Typical implementation costs:
No implementation costs.
How long does your software take to implement on site?
Depends on the complexity of the requirement but would range from 1 to 4 weeks post contracting.
Key attributes of product:
vPlace has been developed to help meet the industry's need to reduce IT costs and find more efficient ways to respond to business and regulatory pressures which legacy IT infrastructure is failing to address. The platform overcomes legacy IT limitations by providing clients with an agile, alternate environment to host and manage their Willis Towers Watson software and supplementary actuarial programs. This enables the tools to run at peak performance, so the end-user can achieve more in less time, without the insurer having to spend huge sums on purchasing, updating and maintaining onsite infrastructure to support the IT demands of complicated actuarial software.
Please name companies that use the system/solution:
Prefer not to disclose. Has been used internally within Willis Towers Watson for 1 year supporting 300 of our reserving consultants in the United States.