Towers Watson has announced a number of enhancements in the new release of its Igloo financial modelling software for property & casualty (P&C) insurers. The improvements over the previous software include heightened performance, better integration between desktop users, enhanced reporting and more extensive functionality within its data control component.
These enhancements to Igloo 4.2, one of the insurance industry’s market-leading financial modelling platforms, have been driven by the requirements of users to improve their enterprise risk management (ERM) function. Igloo 4.2 complements an extensive set of ERM services from Towers Watson, including model development, validation, governance, risk appetite measurement and assessments.
“We are always looking at ways to improve the usability of Igloo,” said Andrzej Czernuszewicz, global leader of P&C capital modeling, Towers Watson. “The changes in Igloo 4.2 will make it easier for P&C insurers to implement the model governance required for effective ERM and the many regulatory regimes.”
The improved reporting and interface capabilities will allow users to take advantage of Igloo’s sophisticated modelling and enable easier deployment of models to end users. Advancements in database connections also make the implementation of suitably stringent model governance procedures simpler for a broad range of companies.
Igloo 4.2 features new entry-level Igloo Express and Igloo Express Plus editions, lightweight editions of Igloo, which enable users to quickly use pre-built Igloo capital models — without having to be build experts — through easy-to-use model inputs, and highly effective and visual reports. With Igloo Express Plus, users can also view, though not modify, their model structure and formulae.
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