This update introduces cutting-edge capabilities designed to transform how life and health insurers approach actuarial modelling and reporting.
Life and health insurers face increasing challenges, including managing complex products, navigating evolving regulations, and maintaining clarity in their business models. The adoption of global standards like IFRS 17, alongside local regulatory requirements, demands insurers regularly update and refine their models. RiskAgility FM’s new AI-powered features aim to address these challenges by streamlining model development and improving efficiency.
The enhancements leverage Generative AI and large language models (LLMs) to simplify and accelerate actuarial processes. Key features include automated code writing, refinement, and extension, as well as intuitive explanations of actuarial concepts and existing model code. These capabilities reduce the time and effort required for insurers to build, maintain, and optimise financial models.
Mark Brown, Actuarial and Risk Solutions Director at WTW, emphasised the significance of these advancements, stating, “CFOs, CROs, and Chief Actuaries are under increasing pressure to manage the costs of building and maintaining faster and more accurate actuarial calculations. Performance gains achieved by the new AI capability in RiskAgility FM are truly game-changing, significantly reducing model development times, with fewer errors, and delivering major efficiency savings for insurers.”
This innovation underscores WTW’s commitment to delivering advanced solutions that enable insurers to adapt and thrive in an increasingly complex financial landscape.