Our U.S. Library of Applications has been updated to provide life insurers with ways to better manage their books of business.

U.S. Library of Applications, version 3.1, is designed for the financial modelling of life insurance, annuity and long-term care products. It provides a broad array of new features and advanced capabilities that give insurers greater insights into the pricing, risk and capital requirements for their products.

“We’re excited to offer our clients a broad set of improvements across our financial modelling applications — adding to an already advanced application suite,” said Kendrick Lombardo, senior consultant in Willis Towers Watson’s Americas Life Insurance practice. “The U.S. Library provides a powerful combination of built-in functionality and flexibility to precisely fit client needs.”

The U.S. Library uses our RiskAgility FM platform for financial modelling, which has been built with the latest software technology for enhanced performance and ease of use. The Team Edition offers extensive functionality to provide the audit, governance and controls insurers need to safeguard the integrity of their financial models.

Highlights of this release include:

  • Enhancements to economic scenario file structures and generation capabilities provide more flexibility in defining and generating interest rates and equity returns.
  • Improvements to the Variable Annuity application provide point-in-time hedging valuations, which are important for daily hedge trading and hedge effectiveness projections.
  • Enrichments to the Payout Annuity application provide modeling structured settlements that support multiple cash-flow streams and guideline 9C reserves.
  • Accidental death benefit riders can now be attached to life insurance policies.
  • Traditional, universal, indexed universal and variable universal life model points can now be treated as arising from term conversions. The mortality for these model points is calculated based on the original issue date of the term model point and can be based on a separate set of base mortality and adjustments.
  • Calculations required by New York regulation 147 amendment 6 for universal life reserves can be made.
  • Negative cash-flow strategies can be varied by calendar period and economic conditions.
  • Run time is improved for independent model point processing for all applications and policy-year-based calculation for life insurance applications.

The U.S. Library of Applications includes modeling applications for the following products:

  • Indexed universal life
  • Term life
  • Traditional life
  • Universal life
  • Variable universal life
  • Fixed annuity
  • Fixed-indexed annuity
  • Payout annuity
  • Variable annuity
  • Long-term care
For more information, email software.solutions@willistowerswatson.com.