WTW, a leading global advisory, broking and solutions company, has launched a new product designed to address the long-standing challenges within the insurance industry, particularly the costly and infrequent analyses required for financial reporting.
The product, known as ResQ Machine-led Reserving, is designed to enhance the speed and precision of reserving processes, WTW aims to empower insurers and reinsurers to focus on more strategic business areas.
ResQ Machine-led Reserving leverages proprietary algorithms to optimise the core reserving methods integrated into ResQ, WTW’s renowned loss reserving solution.
This innovative product facilitates the creation of fully automated and independent loss estimates with just a simple click, thereby streamlining the reserving process for its users.
Back-testing of the ResQ Machine-led Reserving projections has demonstrated remarkable improvements in both accuracy and stability when compared to estimates derived from traditional human practices.
These projections are based on established techniques, ensuring that the results are comprehensible and can be adjusted as necessary.
This adaptability equips users with the confidence to manage increased complexity and granularity in their reserving processes without sacrificing control or interpretability.
Tina Gwilliam, Global Proposition Leader for Reserving, WTW, said, “The insurance industry has long faced challenges with expensive, infrequent, low-granularity analyses for financial reporting. ResQ Machine-led Reserving delivers faster, more precise results that allow reserving teams to focus where it matters and provide insights to support broader business needs.”
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