Global professional services company Towers Watson (NYSE, NASDAQ: TW) has released an updated version of its ResQ reserving software for property & casualty (P&C) insurers.
With ResQ 3.6, Towers Watson has concentrated on expanding the functionality to support the evolving reserving requirements of Solvency II and International Financial Reporting Standards (IFRS), and on further improvements to the user experience, including:
– Additional features to quantify reserve risk, including the one-year view of Solvency II
– Significant enhancements to the methods available for calculating risk margins, including support for Solvency II and IFRS
– Enhanced cash-flow projection methods to assist with calculating discounted reserves
– A new central repository for yield curve and development pattern benchmarks
– A redesigned user interface to allow for Windows 7 features
“Following the acquisition of EMB earlier this year, this latest release shows Towers Watson’s commitment to keep developing its P&C software suite for its clients,” said Andrew English, Towers Watson’s global product leader for P&C reserving software. “Regulatory changes are having a profound effect on P&C insurers’ processes for estimating their technical provisions, particularly in areas such as discounting and risk margins, so we are encouraging all of our clients to deploy ResQ 3.6 as soon as possible to keep on top of these requirements.”
Building on more than a decade of development and innovation, ResQ combines powerful modeling and reserving methods with flexible mechanisms to structure, access and manage data sets. There are nearly 300 insurance companies worldwide that currently use this software.