Best reserving solution: ResQ from Willis Towers Watson
Compressed reporting timescales, growing cost pressures and the need for greater transparency are familiar challenges for many insurers.
Willis Towers Watson's ResQ reserving tool was created to address these pressures and to provide a complete toolkit of deterministic and stochastic reserving methods.
The product of more than two decades of continuous development, ResQ allows users to access a wide range of in-built claim projection methods or include their own through custom calculation features.
All projections are presented through a graphical user interface and the results can be produced into customisable reports.
To substantiate ResQ's capabilities, Willis Towers Watson cites how a large insurance group has been using ResQ for years.
One of the insurer's most pressing concerns was the quarterly reporting templates (QRTs) enforced by Solvency II and the variation analysis required as part of that process.
This was putting substantial pressure on staff to validate and consolidate Excel spreadsheets of claims reserves coming into the centre from various operating companies and stretching the company's ability to track and record calculation decisions.
ResQ enabled the company to save time, and money, in compiling the QRTs for Solvency II.
ResQ was the judges' choice for being a comprehensive solution with a solid reputation.