ARLINGTON, Va., Jan. 19, 2016 (GLOBE NEWSWIRE) -- Global advisory, broking and solutions company Willis Towers Watson (NASDAQ:WLTW) has released ResQ 4.0, an updated version of its reserving software for property and casualty (P&C) insurers.
With ResQ 4.0, Willis Towers Watson has concentrated on ensuring the software keeps pace with advancements in computer technology while improving the user experience, particularly around ease of use and efficiency. The principal updates include:
- A 64-bit version of ResQ, in addition to the existing 32-bit version, beneficial for companies with very large ResQ databases and for stochastic analyses with an extensive number of simulations; also provides support for clients wanting to use 64-bit Microsoft Office
- Refreshed user interface providing a more modern look and feel
- The ability to save collections of methods, calculations and data sets as templates, which can then be applied elsewhere within ResQ, aiding efficiency
- New counterparty default cash-flow method, useful for reinsurance bad debt calculations (e.g., for Solvency II)
- Diagrams showing dependencies between data items and methods within reserving classes, which aid navigation and an understanding of the flows from data to final results
- Exposure as weights in the generalized linear model and Markov Chain Monte Carlo methods, together with other enhancements
“Computer hardware and software technology is still evolving at a rapid pace,” said Peter England, Willis Towers Watson’s global product leader for P&C reserving software. “ResQ has capitalized on the changing market dynamic by remaining current and as relevant today as when it was first developed. ResQ’s new features keep it at the forefront of industry trends, both in terms of computer technology and innovation in reserving methods.”
Building on more than two decades of development and innovation, ResQ combines powerful modeling and reserving methods with flexible mechanisms to structure, access and manage data sets. Willis Towers Watson now licenses ResQ to nearly 350 insurance companies worldwide.
About Willis Towers Watson
Willis Towers Watson (NASDAQ:WLTW ) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has 39,000 colleagues in more than 120 countries. We design and deliver solutions that manage risk, optimize benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas — the dynamic formula that drives business performance. Together, we unlock potential. Learn more at willistowerswatson.com.
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Source:Willis Towers Watson