Towers Watson has released version 4.3 of its Emblem pricing software, which was designed to deliver significant speed improvements, performing 20 percent faster than the previous version, according to Towers Watson. P&C insurers use Emblem to model claim experience and business demand in order to price premiums effectively.
Emblem XE 4.3 was designed for companies with exceptionally large data sets. It takes advantage of multiple processors, up to 128 processor threads and 64-bit systems. In comparative tests on a variety of typical pricing models and hardware/software configurations, Emblem XE 4.3 performed, on average, five times faster than the previous version and 30 times faster than the previous standard edition, Towers Watson said.
“These are substantial speed improvements that will help companies explore their data more thoroughly and maximize their profitability,” said Duncan Anderson, Towers Watson’s global P&C pricing and product management leader. “This is certainly the case for P&C insurers developing telematics usage-based insurance products, for example, where the volumes of data involved are absolutely vast, particularly if companies are collecting it on a per-second basis, which is what we recommend. As competition increases for telematics customers, data analysis capability will become even more important for product differentiation.”
Towers Watson said Emblem has been developed over the course of more than a decade, and that there are more than 1,400 P&C insurance users worldwide. Several life insurers also have begun using the product to enhance mortality analysis.
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