Willis Towers Watson plans to release an updated version of its DataValidator software for insurers in the second quarter of this year.
DataValidator is a tool developed and maintained by Willis Towers Watson that validates, cleanses and transforms data for use in financial modelling and reporting processes.
Speaking to InsuranceERM, Joseph Milicia, global product leader for business process excellence at Willis Towers Watson, and Tom Beasley, director and technical product lead for DataValidator, said there would be key focus areas for the next version of the software.
They said: “Firstly, processing speed: we will be making the product significantly faster and in most cases we expect it to be multiple times faster, thereby enabling clients to deal with greater volumes of data in a more efficient way.”
The pair added Willis Towers Watson will enhance DataValidator to assist with automation via Unify, the provider’s process automation and orchestration tool.
Beasley and Milicia said: “These updates will be another step towards intelligent automation and will enable Unify to quickly and automatically extract key data quality information from DataValidator and use these quantitative measurements to decide to steer the workflow down a different path without any human intervention.”
Willis Towers Watson won data solution of the year in the InsuranceERM UK & Europe awards 2021.
DataValidator is also featured in InsuranceERM’s 2020-2021 online directory of the latest technologies used for insurance risk and capital management.