Looking to address the needs of insurers seeking to mitigate their risk in the wake of the financial crisis, CSC and Towers Perrin today announced the availability of the new Financial Risk Intelligence product.
"Current economic conditions are forcing critical actions by insurers, as their financial risk modeling assumptions, including the timeliness and quality of their data, are being closely scrutinized," said Michael Risley, president of CSC Financial Services Group's life and annuity division. "Working with Towers Perrin, we are offering a comprehensive solution that enables clients to understand and manage their financial risk quickly, accurately and with auditable and repeatable results."
The new offering, according to the solutions provider and professional services firm, is designed to streamline financial risk and capital management analytics for U.S. life insurance and annuity enterprises. The solution combines CSC's Insurance Industry Data Model, consulting expertise and preconfigured integration tools with Towers Perrin's financial modeling software, methodologies and services.
Financial Risk Intelligence is an end-to-end solution that manages data from source systems directly to the financial modeling platform, enabling insurers to assess financial risk better, gain greater visibility into their data and its lineage, and satisfy regulatory and compliance demands, the companies say. By automating data aggregation, transformation and cleansing through a centralized data source, the solution also eliminates the cost of ad hoc repositories. The insight gained from these analytics can help insurers refine reserves and improve actuarial operations and financial performance.
"Pressure from regulators, rating agencies and investors is motivating insurers to evolve their use of financial modeling, from periodic financial reporting to the ongoing management of risk and capital," said Mike Oxley, managing director, Towers Perrin's Software Solutions. "With Financial Risk Intelligence, we can help insurers bring trusted data from CSC systems to our Tillinghast Actuarial Software, MoSes and RiskAgility financial modeling systems in increasingly useful time frames."
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