Towers Watson Introduces Updated Version of ResQ Reserving Software
October 29 2014 - 8:05AM
Business Wire
Advanced software adapted for evolving economic
conditions
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, which
includes enhanced methods to allow insurers to quantify possible
inflationary and other calendar-related effects.
With ResQ 3.8, Towers Watson has concentrated on statistical
methods to model calendar-period effects (including possible claim
inflation) and further improvements to the user experience. The
principal updates include:
- Generalized linear modeling (GLM) that
allows statistical modeling of origin, development and
calendar-period effects, and provides analytic estimates of the
standard deviation of reserve forecasts in addition to a best
estimate
- The Markov Chain Monte Carlo method,
providing a full distribution of forecasts (and their cash flows)
associated with GLM — useful for reserve risk and capital
calculations
- Enhancements to other standard
reserving methods, data importing features, and the usability of
user-defined custom methods and scripts
“Insurers have been operating in a low inflationary environment
for some time,” said Peter England, Towers Watson’s global product
leader for P&C reserving software. “It’s important to
understand and quantify calendar-year trends in the claims that
have occurred in the past, and to consider the impact of increasing
claim inflation in the future. ResQ’s new features offer a
significant step toward quantifying those aspects.”
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 350 insurance companies worldwide that currently use the
software.
About Towers Watson
Towers Watson (NYSE, NASDAQ: TW) is a leading global
professional services company that helps organizations improve
performance through effective people, risk and financial
management. The company offers consulting, technology and solutions
in the areas of benefits, talent management, rewards, and risk and
capital management. Towers Watson has more than 14,000 associates
around the world and is located on the web at towerswatson.com.
Towers WatsonJosh Wozman, +1 703 258
7670josh.wozman@towerswatson.comorBinoli Savani, +1 703 258
7648binoli.savani@towerswatson.com
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