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WTW

October 29 2024

WTW Unveils Groundbreaking Machine-led Solution to Redefine Insurance Reserving Best Practice

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WTW (NASDAQ: WTW), a leading global advisory,  broking and solutions company, has announced the launch of ResQ Machine-led  Reserving, a game-changing technology for insurers and reinsurers to enhance accuracy  and efficiency in P&C reserving. 

Tina Gwilliam, Global Proposition Leader for Reserving, WTW, said: “The insurance  industry has long faced challenges with expensive, infrequent, low-granularity analyses  for financial reporting. ResQ Machine-led Reserving delivers faster, more precise results  that allow reserving teams to focus where it matters and provide insights to support  broader business needs.” 

ResQ Machine-led Reserving uses proprietary algorithms that optimise the core  reserving methods in ResQ, WTW’s industry-leading loss reserving solution, to create  fully automated and independent loss estimates at the touch of a button. 

Back-testing of ResQ Machine-led Reserving projections against actual historical  human-selected best estimates has shown significant outperformance compared to  human practitioners alone with both increased accuracy and stability in estimated  ultimates.  

The projections are based on traditional techniques, so the results can be fully  understood and easily adjusted if required. The ability to adapt quickly to changing  business needs gives users of ResQ Machine-led Reserving the confidence to scale to  higher complexity, granularity and frequency without losing control or interpretability.  

Tina Gwilliam said: “ResQ Machine-led Reserving is transforming the way in which  forward-thinking insurers operate, with accurate and transparent projections of ultimate  losses. It allows reserving teams to deliver increased value and brings algorithmic  reserving to pricing and portfolio management functions.” 

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Lamin Jaiteh

Tina Gwilliam

WTW

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WTW | Fintech Finance

WTW
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