Towers Watson, a global professional services company, has launched an enhanced financial modeling application, based on the company’s Igloo modeling application, for P&C insurers in the United States.
The application is intended to help insurers quickly begin using comprehensive, full-function models to help better manage risk and capital on a U.S. GAAP, U.S. STAT, or economic basis, Towers Watson said.
“The Igloo U.S. modeling application makes it much easier for insurers to get up to speed quickly,” said Tom Hettinger, Americas P&C sales and practice leader for Towers Watson. “This allows P&C insurers to quickly realize the full benefits from their models for business planning, strategy development and enterprise risk management.”
Igloo is used by insurers, financial institutions and regulators, Towers Watson said, as it enables them to see how decisions could affect the risk and performance of the business and use model outputs to promote a wider understanding of risk across the company, Towers Watson said.
Igloo is available in Express, Compact and Enterprise editions, and the company said the application’s core engine offers end-to-end functionality, including economic drivers, reserves, underwriting, reinsurance, assets, financials and capital-setting allocation.
Igloo also directly links to Towers Watson ResQ reserving software to facilitate the alignment of capital modeling and reserving decisions. Towers Watson said. The application also includes parameterization tools and a suite of reports and tools intended to enhance companies’ understanding of risk volatility, as well as monitoring and reporting to senior management, Towers Watson said.
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