Willis Towers Watson Launches Update of ResQ Reserving Software

Willis Towers Watson has launched a new version of its loss-reserving software, ResQ. ResQ 4.1 provides property and casualty (P/C) insurers with new reporting capabilities to further advance the software’s technical capability, in response to clients’ increasing need for faster and more efficient processes, WTW said in a statement.

“IFRS 17 will sharply increase scrutiny of reserving adequacy and reporting, further ramping up the pressure on insurers to deliver results faster and with greater accuracy, all in a soft market with pressures to cut cost base,” said Tina Gwilliam, Global Product Leader for ResQ at Willis Towers Watson.

“ResQ’s new capabilities will give insurers greater confidence in meeting these reporting challenges by improving ease of use, consistency and control, as well as streamlining the reserving process,” she added.

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ResQ 4.1 provides a new integrated reporting facility and additional technical capabilities, together with enhancements to the software’s automation capabilities. ResQ features include:

  • Users can now easily create reports (no coding is required), selecting results/data using drag and drop and simple configuration options. Better reporting gives greater understanding of results allowing users to make better, more informed business decisions.
  • ResQ already has comprehensive automation capabilities via its COM API, but for those wishing to create a more controlled end-to-end solution involving multiple systems as well as ResQ, the software has improved the integration with Unify, WTW’s workflow automation and governance platform. Clients can therefore further streamline their processes to improve business efficiency and governance.
  • ResQ is fully compatible with third-party cloud providers and can now be used as software as a service (SaaS) delivered by Willis Towers Watson. These flexible deployment options ensure ResQ is available according to insurers’ individual needs.

“In this era of ever-tightening reporting deadlines and squeezed resources, ResQ offers much-needed efficiency through automation, while continuing to provide tools for accurate estimation in a secure, governed environment,” added Gwilliam,

Source: Willis Towers Watson

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