WTW (NASDAQ: WTW), a leading global advisory, brokerage and solutions company, announced the introduction of new AI capabilities to enhance RiskAgility Financial Modeller (RiskAgility FM), its modeling and reporting software technology cutting-edge financial services for life and health insurers. .
Life and health insurers face multiple challenges as they balance increasingly complex products and regulations with the need to fully understand how their models reflect the business. The widespread adoption of IFRS 17 and other regulations at the local level further compounds this situation, requiring insurers to continually update their models to reflect this regulation and changes in their underlying products.
The artificial intelligence and large language models (LLMs) that support this latest upgrade to RiskAgility FM are key accelerators of actuarial modeling. Powered by Generative AI technology, Risk Agility FM now delivers transformative modeling development enhancements that make it easier for insurers to write model code, refine and extend existing code, explain code and to provide explanations of actuarial concepts.
Mark Brown, global proposition lead for life financial modeling, insurance consulting and technology at WTW, said: “CFOs, CROs and chief actuaries are under increasing pressure to manage the costs of creating and maintaining faster, more accurate actuarial calculations. The performance gains achieved with RiskAgility FM’s new AI capability are a true game changer, significantly reducing model development times, with fewer errors, and generating significant efficiency savings for insurers.