Major insurance advisory, broking, and solutions firm Willis Towers Watson has launched a virtual actuarial workspace for the Asia-Pacific region. The platform, known as vPlace, brings the company’s insurance software to the cloud, allowing easier and more efficient access by insurers.
In a statement released by the firm, it described the new Software-as-a-Service (SaaS) platform as a means of helping meet the needs of Asia’s insurance industry by reducing IT costs. It also sought to introduce more efficient ways to respond to business and regulatory pressures that legacy IT infrastructure may fail to address.
Powered by Microsoft Azure, vPlace will provide insurers with an agile and alternative environment to host and manage their insurance software, as well as supplementary actuarial programmes.
Michael Freeman, software practice leader for Asia-Pacific at Willis Towers Watson, said: “Shorter reporting timelines are pushing insurers across Asia-Pacific to do more in less time, and traditional on-premise infrastructures are struggling to remain fit for purpose.
“Having a virtual workspace in the cloud, supported by Willis Towers Watson’s risk and actuarial software experts, allows insurers more time to respond to the changing needs of the business without having to spend huge sums on purchasing, updating, and maintaining onsite infrastructure.”
Willis Towers Watson’s RiskAgility software will be the first actuarial software product to be hosted on vPlace, with more products scheduled to come out in the next 12 months.
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