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Willis Towers Watson launches update of ResQ reserving software

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Topics: InsurTech Launches / New Products Regulation & Compliance

ResQ 5.2 provides P&C insurers with new reserving and IFRS 17 reporting capabilities to deliver improved performance and usability...

Willis Towers Watson has released ResQ 5.2, the latest version of its industry-leading loss reserving software. With a proven track record, built from more than a decade of development and innovation, ResQ 5.2 delivers a significant upgrade to the functionality of the software’s reserving and IFRS 17 reporting capabilities.

 

ResQ 5.2 provides an important new reserving feature in the form of a new ‘drag and drop’ Data Exporter function, making it easier to export the rich information from ResQ for a wide range of uses without needing to write code. Users can also export diagnostics to aid analysis and use the results in a variety of downstream systems, including feeding them into data visualisation tools to tell the story behind the numbers, or alternatively export to their ceded reinsurance business, accounting and other teams.

 

“Continuous development of ResQ ensures it remains as relevant today as when it was first developed.”

Tina Gwilliam,

Global Proposition Leader for Reserving and ResQ, at Willis Towers Watson

Tina Gwilliam, Global Proposition Leader for Reserving and ResQ, Willis Towers Watson, said: “Financial operating models face increasing scrutiny, as businesses look to move away from inefficient processes, make better use of available information and move platforms on to faster, more scalable and more flexible environments. Continuous development of ResQ ensures it remains as relevant today as when it was first developed, with new features designed to help the role of the insurance professional evolve and meet the industry and customer needs of tomorrow.”

 

Willis Towers Watson has also added new features to ResQ Financial Reporter, the out-of-the-box software solution specifically designed to help P&C insurers implement IFRS 17. These include the integration of reporting and accounting mappings, enabling easier connection to customised ledger structures, and the addition of flexible cashflows to facilitate the modelling of more complex reinsurance and other insurance contracts.

 

Andy Teale, Global IFRS 17 P&C Technology Leader, at Willis Towers Watson, said: “Regulatory and other reporting requirements are driving the pace of change, in particular IFRS 17, with governance, automation, systems integration and well-defined workflows at the centre of the new world.

 

“ResQ Financial Reporter is built to enable the rapid implementation of IFRS 17, providing an efficient, flexible framework to generate financial statements and supporting disclosure requirements, saving insurers time and effort in their end-to-end reporting processes.”

 

This update also benefits from continued investment and improvement in ResQ’s integration with Unify, Willis Towers Watson’s systems integration, automation and governance solution. This includes new pre-built Unify activities for reserving and IFRS 17 tasks, driving quicker builds of bespoke workflows within Unify and enabling reserving practitioners, actuaries, accountants and finance experts to do more, in less time.

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