The suite – which includes RiskAgility Financial Modeller (FM), RiskAgility Economic Capital Aggregator (EC), RiskAgility Proxy Modeller (PM), RiskAgility Standard Formula (SF) and Unify – provides life insurers with a complete financial and economic modelling solution for enhanced risk and capital management.
Each component is built with the latest technology and has been developed to meet the specific needs of insurers to enable them to transform their modelling and reporting processes.
Delighted with the win, Joel Fox, Global Life Product and Solutions Leader at Willis Towers Watson, shares his reaction and explains what the future holds for the leading life modelling suite:
What was your reaction to the RiskAgility Suite winning this award?
We are delighted to have our software recognised by the industry as best in its class! We pride ourselves on the fact that all of our solutions are built specifically to meet the unique requirements of our insurance clients. We feel this win reflects our commitment to the insurance industry and our ability to provide our clients with cutting-edge solutions that directly address their business issues.
How can users attain the most benefit from using the Risk Agility Platforms?
The RiskAgility suite (RiskAgility Financial Modeller, RiskAgility Economic Capital Aggregator, RiskAgility Proxy Modeller, RiskAgility Standard Formula and Unify) forms part of our Solutions for Life portfolio of integrated software, technology and consulting services. Each is a best in class solution in its own right, but when combined they provide insurers with a holistic solution to managing their end-to-end risk modelling and reporting processes to reduce costs, gain efficiencies and comply with regulatory demands.
What do you feel sets the RiskAgility Suite apart from its rivals?
Each component is built utilising thoroughly modern technology and have been developed to support insurers in transforming their modelling and reporting processes. Uniquely, our products are all developed in-house, from concept to creation with our actuarial consulting work informing their development and roadmap. Plus our actuaries use our software daily in their work with insurers, including in our actuarial outsourcing business, meaning they are tried and tested and consistently innovated to keep pace with market demands. All this ensures that a client is investing in a product suite that will provide a long-term solution to their needs – which I don’t think others can match.
What does the future hold for the RiskAgility Suite?
The recent launch of our cloud platform vPlace, means clients can now start to experience the suite delivered on a Software as a Service (SaaS) basis. This enables more flexible use of the tools with a level of scalability that allows the end-user to achieve so much more in materially less time, without the insurer having to spend huge sums on purchasing, updating and maintaining onsite IT infrastructure. Throughout the next 12 months we will also be implementing multiple updates across the suite to introduce new functionality, improve integration and respond to demand for ever increasing levels of performance.
Alongside the win for the RiskAgility suite, we were also nominated for “Employer of the Year” and individual nominations were received by Stephen Jones, UK Head of P&C pricing Claims, Product and Underwriting for “Actuary of the Year” and P&C colleague Laura Worth in the “Stars of the Future Award”.
Find out more about the awards in the Actuarial Post’s December edition.
From L-R: Unify Technical Product Lead - Rob Kemp, RiskAgility EC Technical Product Lead - James Wu and Global Life Product and Solutions Leader, Joel Fox