Towers Watson Launches New Igloo Financial Model for U.S. Property & Casualty Insurers

Proquest LLC

Global professional services company Towers Watson has announced the availability of an enhanced financial modeling application, based in Igloo, for property and casualty (P&C) insurers in the U.S.

According to a release, this application is designed to help insurance companies get a start in using full-function models to help better manage risk and capital on a U.S. GAAP, U.S. STAT, or economic basis.

The Company noted that the application's core engine provides functionality, including economic drivers, reserves, underwriting, reinsurance, assets, financials and capital-setting allocation. It also provides a direct link to Towers Watson ResQ reserving software to better facilitate the alignment of capital modeling and reserving decisions. In addition, the application includes parameterization tools and a suite of user-friendly reports and tools that can help enhance companies' understanding of risk volatility, as well as monitoring and reporting to senior management.

"The Igloo U.S. modeling application makes it much easier for insurers to get up to speed quickly," said Towers Watson'sTom Hettinger, Americas P&C sales and practice leader. "This allows P&C insurers to quickly realize the full benefits from their models for business planning, strategy development and enterprise risk management."

Towers Watson Igloo, noted for its transparency and scalability, is used by a variety of organizations, including insurers, reinsurers, financial institutions and regulators. Igloo enables these companies to quickly see how decisions might impact the risk and performance of the business, and use model outputs to promote a wider understanding of risk across the company.

Igloo is available in a variety of editions, from the Express and Compact Editions for companies that want a convenient entry point, to the Enterprise Edition for companies that want a modeling environment using an enterprise-grade parallel computing solution with database, data control and audit capabilities.