The latest from WTW for you;
WTW (NASDAQ: WTW), a leading global advisory, broking, and solutions company, has announced the introduction of new AI capabilities to enhance RiskAgility Financial Modeller (RiskAgility FM), its industry-leading financial modelling and reporting software technology for life and health insurers.
Life and health insurers are exposed to multiple challenges, balancing increasingly complex products and regulations against the need to have a clear understanding of how their models reflect the business. The widespread adoption of IFRS 17 and other regulations at a local level further compounds this, requiring insurers to continually update their models to reflect such regulation and changes in their underlying products.
Artificial Intelligence and the large language models (LLMs) that support this latest upgrade to RiskAgility FM are key accelerators in actuarial modelling. Powered by Generative AI technology, Risk Agility FM now offers transformative improvements to modelling development that make it easier for insurers to write model code, refine and extend existing code, explain code and provide explanations of actuarial concepts.
Mark Brown, Global Proposition Lead for Life Financial Modelling, Insurance Consulting and Technology at WTW, said: “CFOs, CROs and Chief Actuaries are under increasing pressure to manage the costs of building and maintaining faster and more accurate actuarial calculations. Performance gains achieved by the new AI capability in RiskAgility FM are truly game changing, significantly reducing model development times, with fewer errors, and delivering major efficiency savings for insurers.”
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