Willis Towers Watson has launched Igloo 5, an update to its financial modeling platform.
The broker said Igloo 5 brings a number of key improvements including:
- Greatly improved model runtime
- Ready for use-based licensing and full implementation in the cloud
- Fully backwards compatible to support existing client models and investment
- Full 64-bit application to support models of any size and any number of simulations
WTW explained that Igloo’s property and casualty modeling platform Igloo supports an understanding of risk and provides the platform for regulatory and economic capital modeling in addition to a range of other applications including reinsurance purchasing, business planning and flexible business decision support.
Igloo 5 can be easily implemented locally or using cloud technology – or a combination of the two, said WTW in a statement.
This level of flexibility is complemented by new options for flexible licensing that offer unlimited processing licences while only paying for what is used, the company added.
When combined with the power of the cloud, implementation performance can now be greatly scaled up to meet short-term demand or reduced to minimum levels during off-peak periods, WTW said.
The updated platform also offers a high level of compatibility with past versions of Igloo, enabling existing users to leverage many of the benefits of the new release without requiring any investment in re-working existing models.
“Early indications of performance are very exciting, with models running many, many times faster than earlier versions. What is really key, however, is that Igloo can now be deployed in the cloud with a new licensing framework, which can materially reduce the overall cost of ownership,” said Rob Collinson, global leader for Capital Modeling at Willis Towers Watson.
“Our development plan always seeks to ensure that we adopt the very best of emerging technology to provide step change performance improvements whilst being sure that existing client models continue to perform well,” he said.
Igloo continues to offer a range of market/best practice libraries, including a full economic capital model and a full implementation of the Solvency II standard formula. These tools allow users to quickly realize the benefits of Igloo without requiring any coding experience.
Source: Willis Towers Watson
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