Articles - Towers Watson introduces updated version of ResQ software

 Towers Watson has released an updated version of its ResQ reserving software for property and casualty (P&C) insurers that 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 claims inflation), and on further improvements to the user experience. The principal updates include:

 - ResQ now includes a generalised linear modelling (GLM) method that allows statistical modelling of origin, development and calendar period effects (including possible claims inflation), and provides analytic estimates of the standard deviation of reserve forecasts in addition to a best estimate.
 - ResQ now includes a Markov Chain Monte Carlo (MCMC) method that provides a full distribution of forecasts (and their cash-flows) associated with a GLM method. This is useful for reserve risk and capital calculations.
 - Enhancements to other standard reserving methods, data importing features and to 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 is important to understand and quantify calendar year trends in the claims that have occurred in the past, and consider the impact of increasing claims inflation in the future. ResQ’s new features offer a significant step towards 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 use the software currently.

Back to Index

Similar News to this Story

A step change is expected for DB pension scheme funding
Mike Smedley, Pensions Partner at KPMG in the UK discusses some of the changes expected for DB pension scheme funding in 2019
What does the ideal actuarial consultant look like
We recently published our Navigating Change report, which looks at the changing role of the actuarial consultant. One issue that struck me was the w
The Ecosystem of Trust
Insurance is generally regarded as a background product, one of the necessities of life that most people have but do not regard as very exciting when

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS


Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.