Breaking News
WTW Unveils Groundbreaking Machine-led Solution to Redefine Insurance Reserving Best Practice
WTW (NASDAQ: WTW), a leading global advisory, broking and solutions company, has announced the launch of ResQ Machine-led Reserving, a game-changing technology for insurers and reinsurers to enhance accuracy and efficiency in P&C reserving.
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.”
ResQ Machine-led Reserving uses proprietary algorithms that optimise the core reserving methods in ResQ, WTW’s industry-leading loss reserving solution, to create fully automated and independent loss estimates at the touch of a button.
Back-testing of ResQ Machine-led Reserving projections against actual historical human-selected best estimates has shown significant outperformance compared to human practitioners alone with both increased accuracy and stability in estimated ultimates.
The projections are based on traditional techniques, so the results can be fully understood and easily adjusted if required. The ability to adapt quickly to changing business needs gives users of ResQ Machine-led Reserving the confidence to scale to higher complexity, granularity and frequency without losing control or interpretability.
Tina Gwilliam said: “ResQ Machine-led Reserving is transforming the way in which forward-thinking insurers operate, with accurate and transparent projections of ultimate losses. It allows reserving teams to deliver increased value and brings algorithmic reserving to pricing and portfolio management functions.”
People In This Post
Companies In This Post
- Asia Insurance Has Launched With CoverGo To Enable End-to-End Health Insurance Digital Experience Read more
- Sixfold Launches Referral Agent: Turning AI Insights Into Instant Underwriting Action Read more
- One Inc Expands Life Insurance Payments Ecosystem Through Partnership with Equisoft Read more
- Lloyd’s and Ireland’s Department for Finance Announce Strategic Collaboration to Drive Insurtech Innovation Read more
- Why Millennials and Gen Z Are Choosing Life Cover and Delaying Marriage and Kids Read more
Asia Insurance Has Launched With CoverGo To Enable End-to-End Health Insurance Digital Experience
Asia Insurance, one of the leading general insurers in Hong Kong and Macau, has officially gone live withCoverGo’s next-gen, end-to-end health insurance platform, to power a fully digital, end-to-end health insurance journey for its customers, distribution partners, and internal teams.
Sixfold Launches Referral Agent: Turning AI Insights Into Instant Underwriting Action
Sixfold, the underwriting AI company, today announces that it has expanded its P&C platform with Referral Agent – a major step toward AI that doesn’t just deliver insights but acts on them. Referral Agent flags cases for referral and builds a ready-to-send package in one click, setting the stage for more action-oriented capabilities across underwriting.
One Inc Expands Life Insurance Payments Ecosystem Through Partnership with Equisoft
One Inc, the leading payments network for the insurance industry, today announced a partnership with Equisoft, a global provider of advanced digital solutions for the financial services industry. The collaboration brings together One Inc’s PremiumPay® platform and Equisoft’s industry-leading life insurance policy administration solutions to deliver a frictionless, modern premium payment experience for insurers and their policyholders.
Lloyd’s and Ireland’s Department for Finance Announce Strategic Collaboration to Drive Insurtech Innovation
Lloyd’s and Ireland’s Department of Finance announced a new strategic partnership to foster insurtech innovation and promote Irish expertise on a global stage
Why Millennials and Gen Z Are Choosing Life Cover and Delaying Marriage and Kids
A growing number of UK adults under 40 are postponing traditional life milestones, with far-reaching implications for financial planning and insurance uptake. Capital for Life explains how younger generations are reshaping the market and what insurers must do to keep pace.
Chubb and Endeavor Forge Global Partnership to Empower Entrepreneurs and Support Emerging Market Economic Growth
Chubb Limited (NYSE: CB) and Endeavor have announced a unique global partnership that supports and advances high-impact entrepreneurs. This partnership underscores Chubb and Endeavor's shared commitment to foster innovation, cultivate the start-up culture and contribute to economic growth in emerging markets globally.
OpenDialog AI and P J Hayman Partner to Redefine Digital Travel Insurance Journeys
OpenDialog AI today announced a new partnership with P J Hayman to revolutionise how people buy and engage with travel insurance online
Asia Insurance Has Launched With CoverGo To Enable End-to-End Health Insurance Digital Experience
Asia Insurance, one of the leading general insurers in Hong Kong and Macau, has officially gone live withCoverGo’s next-gen, end-to-end health insurance platform, to power a fully digital, end-to-end health insurance journey for its customers, distribution partners, and internal teams.
Sixfold Launches Referral Agent: Turning AI Insights Into Instant Underwriting Action
Sixfold, the underwriting AI company, today announces that it has expanded its P&C platform with Referral Agent – a major step toward AI that doesn’t just deliver insights but acts on them. Referral Agent flags cases for referral and builds a ready-to-send package in one click, setting the stage for more action-oriented capabilities across underwriting.
One Inc Expands Life Insurance Payments Ecosystem Through Partnership with Equisoft
One Inc, the leading payments network for the insurance industry, today announced a partnership with Equisoft, a global provider of advanced digital solutions for the financial services industry. The collaboration brings together One Inc’s PremiumPay® platform and Equisoft’s industry-leading life insurance policy administration solutions to deliver a frictionless, modern premium payment experience for insurers and their policyholders.
Lloyd’s and Ireland’s Department for Finance Announce Strategic Collaboration to Drive Insurtech Innovation
Lloyd’s and Ireland’s Department of Finance announced a new strategic partnership to foster insurtech innovation and promote Irish expertise on a global stage
Why Millennials and Gen Z Are Choosing Life Cover and Delaying Marriage and Kids
A growing number of UK adults under 40 are postponing traditional life milestones, with far-reaching implications for financial planning and insurance uptake. Capital for Life explains how younger generations are reshaping the market and what insurers must do to keep pace.
Chubb and Endeavor Forge Global Partnership to Empower Entrepreneurs and Support Emerging Market Economic Growth
Chubb Limited (NYSE: CB) and Endeavor have announced a unique global partnership that supports and advances high-impact entrepreneurs. This partnership underscores Chubb and Endeavor's shared commitment to foster innovation, cultivate the start-up culture and contribute to economic growth in emerging markets globally.
OpenDialog AI and P J Hayman Partner to Redefine Digital Travel Insurance Journeys
OpenDialog AI today announced a new partnership with P J Hayman to revolutionise how people buy and engage with travel insurance online