Towers Watson Releases New Version of Software for Life Insurers

Software will help better manage and price indexed universal life products

ARLINGTON, Va.--(BUSINESS WIRE)-- Global professional services company Towers Watson (NASDAQ: TW) has introduced version 2.0 of its U.S. Library applications for its RiskAgility FM financial modeling solution. Along with enhancements to existing applications in the Library, version 2.0 introduces a new application for life insurers modeling indexed universal life (IUL) products, currently the fastest-growing type of life insurance product in the U.S.

“Many insurers are experiencing double-digit growth in premiums from their IUL business,” said Dominique Lebel, Towers Watson’s financial modeling and reporting product group leader for its Life practice in the Americas. “This has drawn new companies into the market, spurring innovations in product design. We are pleased to offer this new financial modeling application to help insurers model and price their products.”

“The IUL application includes the most common index strategies offered by carriers plus other product features prevalent in today’s products, such as participation rates, secondary guarantees, separate fund buckets within each index account, and rebalancing between fixed and indexed accounts,” said Tim Wood, senior consultant, Life practice, Americas.

The RiskAgility FM U.S. Library is a collection of full-featured applications for modeling life insurance, health insurance and annuity products. These applications provide advanced capabilities, including point-in-time and projected principle-based approaches for reserves and capital, dynamic GAAP unlocking and revaluations, determination of economic capital, product design and pricing, and asset/liability management.

RiskAgility FM is built with the latest software technology for enhanced performance and ease of use. The open modeling environment supports accurate calculations today and in the future, as product designs, company practices and regulatory requirements evolve. Models built with Towers Watson’s MoSes financial modeling software can be imported into RiskAgility FM to benefit from increased performance on the feature-rich development platform.

About Towers Watson

Towers Watson (NASDAQ: TW) is a leading global professional services company that helps organizations improve performance through effective people, risk and financial management. With 15,000 associates around the world, the company offers consulting, technology and solutions in the areas of benefits, talent management, rewards, and risk and capital management. Learn more at towerswatson.com.

Towers Watson

Josh Wozman, +1 703-258-7670

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Source: Towers Watson