WTW's Igloo Cloud has retained the best use of cloud technology title in this year's awards because of the speed, scale and flexibility it offers insurers.

Launched in 2021, the technology is used by more than 1,000 users in over 150 companies – ranging from small single-line businesses to the large multinational insurers – according to WTW.

InsuranceERM's judging panel was impressed with the level of speed and scale Igloo Cloud brings to capital modelling. WTW says this means near real-time decision support is a possibility in board meetings, underwriting and risk meetings, and everywhere within an insurance business.

Client testimonials explaining how Igloo Cloud has benefitted them were also highly rated by the judges. One of WTW's clients, for example, said Igloo Cloud provided it with the flexibility and ability to run multiple models simultaneously, while another client commented on how easy the tool was to use.

Chris Bird, global proposition leader for P&C capital modelling and ERM at WTW, tells InsuranceERM that Igloo Cloud's computational power is a "real game-changer in capital modelling".

"With this extra power we can more easily and effectively give the outputs and information from a capital model that people have always wanted."

Bird says this is an exciting time for Igloo Cloud and there will be a second phase for the solution in the coming months.

"The first phase has been all about the engine. Until now, people still had to have the Igloo application installed on their own machines and would need their own database."

He adds: "In 2024, we will be adding in a new web-app bringing additional usability and reporting features, all as part of a full SaaS solution through a web-browser requiring no locally installed components or hardware."