WTW has announced the integration of new artificial intelligence capabilities into its RiskAgility Financial Modeller (RiskAgility FM), a financial modeling and reporting software used by life and health insurers.
The upgrade is designed to help insurers address the growing complexity of products and regulations, such as IFRS 17 and other local-level requirements.
These developments require insurers to regularly update their actuarial models to align with evolving regulatory standards and changes to underlying products.
The new AI capabilities leverage large language models (LLMs) and generative AI technology to improve actuarial modeling processes. According to WTW, the enhancements streamline tasks such as writing model code, refining and extending existing code, and explaining actuarial concepts, enabling insurers to improve efficiency in model development and maintenance.
Mark Brown (pictured above), global proposition lead for life financial modelling, insurance consulting and technology at WTW, said the enhancements address cost pressures faced by CFOs, CROs, and chief actuaries as they work to achieve faster and more accurate 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,” Brown said
WTW noted that the addition of AI to RiskAgility FM reflects broader trends in the insurance sector, where companies are increasingly adopting AI tools to optimize operations, meet regulatory demands, and manage complex actuarial calculations.
Elsewhere for the global financial services group, WTW recently announced a joint venture with Bain Capital to re-enter the treaty reinsurance broking market.
As part of the deal, WTW will hold a minority stake in the new entity, which aims to combine its global expertise in insurance broking, consulting, and technology with Bain Capital's experience in developing innovative insurance businesses.
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