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