To create a more sophisticated and robust platform that caters for these increased requirements, Aon Benfield has re-written the coding behind ReMetrica. This takes advantage of the new technology available today and prepares the tool for the next 10 years. ReMetrica was initially released in 2000 and currently has 1500 users globally, modelling USD400bn of capital.
ReMetrica Version 7.0 is helping to transform the role of actuaries by introducing a new more efficient and scalable way of working. In practice, this initial release in the series means analysts will now be able to:
• Run models more quickly and efficiently taking advantage of increased hardware capabilities.
• Enhanced reporting – data at users’ fingertips to design reports more easily in ReMetrica without having to open Excel.
• Enable statistical analysis to be used by other colleagues in the firm such as the C-Suite or finance more seamlessly.
• Easily convert existing models into v7 without the need to re-build due to backwards compatible capability.
• Access an updated user interface with a slicker look and feel to simplify model building
• Customise models with more powerful python programming.
The launch is the first step in the development timeline as extra functionality becomes available throughout 2016, including enhanced model management and version control, new components and a results viewer to widen the scope of those benefitting from the outputs.
ReMetrica Version 7.0 is created by expert development teams in London and Singapore. The latter, part of the Aon Center for Innovation and Analytics, was created two years ago to support the new version and to deliver new features, quicker.
Paul Maitland, International Head of ReMetrica at Aon Benfield, commented: “The advent of Solvency II has further augmented the role of analysts and highlighted the flexibility required from capital models to deliver more strategic insights. ReMetrica Version 7.0 is designed so a spectrum of users can achieve these goals and have the data at their fingertips to make more informed business decisions. This will be an exciting journey over the next year as we work with our users to transition to the enhanced platform and share new features.”
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