LONDON - 10 September 2015. Life insurers globally are increasingly seeking to meet peak demand for high-quality information faster and more efficiently by using new ‘pay-as-you-go’, cloud-based technology according to Towers Watson.
Joel Fox, Towers Watson’s global Life Financial Modelling and Reporting leader said: “Heavily fluctuating and increasingly burdensome regulatory reporting requirements are forcing many of our life insurer clients to make adjustments to their business infrastructure. However in this process to improve efficiency and reduce costs they often find themselves restricted by outdated systems.”
According to Towers Watson, the solution lies in enabling life insurers to run their models against an on-demand, cloud-based grid which can deliver very large computing resources without the cost of managing an in-house infrastructure. It claims this solution also provides higher compute capacity, more modelling runs and greater accuracy. In addition it suggests the ability to access the extra computer power in this way will help insurers to improve their financial modelling analytics without the cost of outright systems replacement.
Joel Fox said: “The management of large computing capacity can be time consuming and expensive for life insurers, especially when demand heavily fluctuates from daily use to peak periods. Our ‘pay-as-you-go’ vGrid software makes it easier for insurers to tap into extra computer power to meet peak demand periods. This not only avoids the expense of an in-house system that is idle during off-peak periods, but removes capacity constraints during heavy demand.”
Towers Watson’s new vGrid software is designed to complement its RiskAgility Financial Modeller (FM), which helps life insurers to develop and run financial models to better manage risk and safeguard solvency. vGrid also removes the complexity and problems associated with scaling models by offering users access to on-demand computing power that has the flexibility to support business growth.
About Towers Watson
Towers Watson (NASDAQ: TW) is a leading global professional services company that helps organisations improve performance through effective people, risk and financial management. The company offers solutions in the areas of benefits, talent management, rewards, and risk and capital management. Towers Watson has 16,000 associates around the world