German financial services group, Talanx AG, which includes the HDI and Hannover Re insurance brands, has moved to harmonise regulatory capital reporting and IT systems for enterprise risk management worldwide by purchasing the Enterprise editions of Towers Watson's Igloo financial modelling and ResQ reserving software.
As part of extending the group's use of the software packages outside Germany, the company will also base its internal model for Solvency II on the applications.
By upgrading to the Enterprise editions, Talanx will have the capability to distribute its actuarial models across its IT infrastructure so that they can be worked upon around the world. Users will also have the option of a web-based interface.
In addition to offering much improved processing speed, Igloo and ResQ Enterprise have in-built data control and security, governance features and non-technical user access to a wide range of reports that help companies like Talanx with extensive modelling requirements to develop and embed their models for regulatory and other purposes.
Gerhard Stahl, Group Chief Risk Officer of Talanx AG, said: "Within a complex organisation like the Talanx Group, we need to have software solutions in place that are state-of-the-art and highly scalable and reliable. Equally, having access to top quality consultancy support is important to us."
Frank Sommerfeld, P&C Practice Leader - Continental Europe and Middle East for Towers Watson commented: "From our work with Talanx in Germany over the last few years, we know the high level of performance they expect from their models, so it is very satisfying that Igloo and ResQ were chosen for this important global risk management framework."
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