General Insurance Article - Willis Towers Watson address post-Solvency II challenges

 Building on the launch of Unify in 2015, designed to help insurers integrate their financial modelling and reporting applications into an automated and governed process, the next generation of the Unify platform sees significant performance and ease of use improvements.

 Unify 2.0 implements a number of new features enabling insurers to substantially reduce the working day timetable and the resources required to perform their regular reporting. All processes have the potential for error or for new information to risk making work already carried out invalid. Unify 2.0 now makes it much easier to create workflows with built-in restore points, allowing users to re-start from pre-defined points rather than having to re-run all previous activities, ensuring valuable time is not lost.

 Information is also now easier and quicker to find and manage in the system with the introduction of the ability to assign user-defined attributes to data and other objects based on the company’s own processes and terminology. Unify 2.0 also further improves upon its user capabilities by making it significantly easier to exchange data and activities with other staff, which will help prevent unnecessary delays when, for example, a core team member is on leave.

 “A more demanding regulatory environment is putting insurers under pressure to produce richer and deeper analysis, more frequently and quickly, with strict governance and controls,” said Rob Kemp, Unify Product Leader at Willis Towers Watson. “Yet a challenging backdrop of squeezed budgets means they can’t just throw more expensive resources at the problem. Unify allows insurers to fundamentally change their end-to-end financial modelling and reporting processes to run with greater efficiency and consistency, and rise to a higher standard of performance in risk and capital management.”