Our process transformation technology, Unify, has been awarded "Best ERM end-to-end solution" at the InsuranceERM Awards 2017.
The technology which provides advanced actuarial systems integration, governance and workflow automation capabilities, was recognised by the judges for its ability to relieve the growing pressure on insurers to reduce reporting timelines, improve risk management and governance processes, while at the same time control costs.
John Morley, Unify product and Business Process Excellence Lead at Willis Towers Watson said in response to the win: "We are delighted to have won this award for Unify. Efficient, fast and cost-effective processes are key if insurers are to survive and find sources of competitor advantage."
"Unify offers insurers a holistic end-to-end solution to fundamentally transform their business operations by delivering rapid, efficient and consistent execution of sophisticated modelling and reporting processes. This enables them to carry out more frequent reporting in less time, that's subject to mandatory built-in governance and all at a significantly reduced cost."
The technology is now being used by a number of insurers in EMEA – both large and small – with larger firms seeking a solution that can tackle the issue of legacy systems together with the sheer scale of integration needed, and smaller firms and London syndicates appreciating the immediate cost benefits.
The platform's ability to transform reporting processes was demonstrated in an actuarial outsourcing project with the life insurer Chesnara. The implementation of Unify, together with key software tools from our Solutions for Life portfolio, reduced their working day timetable from 32 days to just 10 and achieved a 50% reduction in the resource required to perform a quarterly valuation.
Now in its second year, the industry nominated InsuranceERM Awards are judged by a panel consisting of CROs, ERM Directors and Chief Actuaries from 20 different insurers in the UK and across Europe. The Unify win was one of five nominations Willis Towers Watson received this year in addition to: Best Reserving Solution – ResQ; Best ESG Solution – STAR ESG; Best Stress Testing & Scenario Solution – STAR ESG and Young Actuarial Professional of the Year – Paul Hewett.
Read our winner's story on InsuranceERM.