WTW's RiskAgility Financial Modeller (RAFM) has been named actuarial modelling solution of the year in InsuranceERM's Asia Pacific Awards because of the way it meets the needs of the smallest and largest re/insurers worldwide.

The judging panel was impressed that RAFM's new engine delivers new algorithms to optimise the required calculations, can run models up to 70 times faster, and on average saves 90% of costs across client deterministic models.

One judge noted RiskAgility's speed and flexibility helped it to stand out from the crowd and the fact it provides detailed and accurate financial models makes it suitable for complex actuarial tasks.

Another judge liked the fact that RAFM has a strong presence in Asia with more than 60 clients and the two case studies submitted with the entry further underscored the endorsement.

Given that insurers in Asia already face complex challenges, particularly managing vast data from multiple sources, what made RAFM stand out in this category is that the tool ensures data and assumptions are linked directly, validated and fully segregated from the models. This enables integrated and auditable reporting and minimised process risks in sensitivity analysis.

In a case study, WTW noted how one of its clients is the APAC regional office of a global multinational insurer with multiple locations in the Asia region. Anr many years, the client had been using at least four different modelling solutions and tools from various providers across their operations in Asia Pacific.

Based on RAFM's built-in features, the model is now structured in a way that it is easy for the client to manage and implement products across multiple regions.