Willis Towers Watson has released an updated version of “Unify,” the systems integration and workflow platform.
Unify 2.0 introduces new features in response to the tightening of reporting timescales under Solvency II, which continue to pressure insurers to process vast amounts of data more quickly and accurately, with more rigorous governance, while coping with limited in-house resources, the company said in a statement.
Unify 2.0 builds on the launch of Unify in 2015, which was designed to help insurers integrate their financial modeling and reporting applications into an automated and governed process, the company said, noting that the next generation of the Unify platform “sees significant performance and ease of use improvements.”
Unify 2.0 enables insurers “to substantially reduce the working day timetable and the resources required to perform their regular reporting,” Willis Towers Watson said.
Unify 2.0 makes it much easier to create workflows with built-in restore points, allowing users to restart from pre-defined points rather than having to rerun all previous activities, which ensures that valuable time is not lost, the company said.
Information is also easier and quicker to find and manage “with the introduction of the ability to assign user-defined attributes to data and other objects based on the company’s own processes and terminology,” the company added.
“Unify 2.0 also further improves upon its user capabilities by making it significantly easier to exchange data and activities with other staff,” which help prevent delays when, for example, a core team member is on leave, Willis Towers Watson noted.
“A more demanding regulatory environment is putting insurers under pressure to produce richer and deeper analysis, more frequently and quickly, with strict governance and controls,” said Rob Kemp, Unify Product leader at Willis Towers Watson.
“Yet a challenging backdrop of squeezed budgets means they can’t just throw more expensive resources at the problem,” he said.
“Unify allows insurers to fundamentally change their end-to-end financial modelling and reporting processes to run with greater efficiency and consistency, and rise to a higher standard of performance in risk and capital management,” Kemp went on to say.
Source: Willis Towers Watson