Towers Watson develops financial modelling application for Canadian p&c insurers

Global professional services company Towers Watson has announced the development of an application within its Igloo financial modelling suite specifically tailored for property & casualty insurers in Canada.

The application is designed to help Canadian insurers “efficiently use comprehensive, full-function models to help better manage risk and capital based on International Financial Reporting Standards in Canada, or on an economic basis,” Towers Watson said in a press release on Tuesday.

The application’s core engine provides end-to-end functionality, which includes economic drivers, reserves, underwriting, reinsurance, assets, financials and capital-setting allocation. It also has a direct link to Towers Watson ResQ reserving software to better link capital modelling and reserving decisions. In addition, the application includes parameterization tools, and a suite of user-friendly reports and tools that help enhance companies’ understanding of risk volatility, as well as monitoring and reporting, the press release noted.

“The Igloo Canadian modelling application makes it much easier for Canadian p&c insurers to get up to speed quickly,” said Towers Watson’s Pierre Laurin, Canadian p&c practice leader in the release. “Having a Canadian-specific module in addition to the U.S., U.K. and general library of modules allows p&c insurers to quickly realize the full benefits from their models for business planning, strategy development and enterprise risk management in a Canadian context.”

Igloo is available in a variety of editions. The Express and Compact editions are designed for companies that want a convenient entry point, while the Enterprise edition is intended for companies that want a “robust and fully customizable modelling environment using an enterprise-grade parallel computing solution with database, and data control and audit capabilities.”