ERM end-to-end solution of the year, Willis Towers Watson's Unify
Enterprise risk management can be a complex affair when it comes to harnessing the web of loosely connected systems that feed insurers' strategic decision making and financial and regulatory reporting. Routine tasks are often time consuming, expensive and require significant human intervention, and can expose the process to risks. Unify alleviates these challenges, enabling insurers to achieve more, faster and for less, with appropriate control and governance.
Unify works by orchestrating all the different tools, systems and processes that make up a workflow, from the raw data to the presentation of results, and by making full use of automation and computing power.
Last year, for example, the software helped one life insurer reduce processing effort by up to 80% as part of a deployment to automate a financial modelling system.
In another example, it was used in property and casualty reserving for the US operation of a global multinational, resulting in reduced time and errors, improved governance and reporting.
Unify has helped insurers to reduce errors on data passed between departments with numerous automated checks and reconciliations.
More recently, Willis Towers Watson's global product lead, Joe Milicia, noted that Unify's functionality has been helping build resilience to the Covid-19 crisis as companies adjust to issues such as remote working, bandwidth pressures, and staff absences or unavailability.
InsuranceERM's judges said the product showed its strengths in providing automation, governance and controls, along with the orchestration of multiple systems, across complex projects and processes.
Corporate statement: Future automation