Global professional services company Towers Watson reports that the United States Patent and Trademark Office (USPTO) has issued two key patents for its Replicated Stratified Sampling (RSS) financial modeling technique for the insurance industry. Both patents (U.S. Patent No. 8,126,747, issued February 28, 2012, and U.S. Patent No. 8,131,571, issued March 6, 2012) cover Towers Watson's RSS smart modeling technique that is intended to dramatically speed up run times for complex insurance calculations and help industry executives better understand risk.
"The insurance industry has been struggling with how to accurately understand all risk exposures in real time while offering products that serve consumers' needs. A lack of robust, real-time modeling tools has contributed to management's struggle to fully understand and measure risk exposure," said Steve Bochanski, a senior consultant in Towers Watson's Risk and Financial Services consulting group. "We believe our proprietary RSS modeling technique will provide insurers and other financial services companies with a faster and smarter approach."
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