Towers Watson, a New York-based professional services firm, has released an updated version of its ResQ 3.6 reserving software for property & casualty (P&C) insurers.
With ResQ 3.6, Towers Watson has concentrated on expanding the functionality to support the evolving reserving requirements of Solvency II and International Financial Reporting Standards (IFRS), and on further improvements to the user experience.
The upgraded version includes additional features to quantify reserve risk, including the one-year view of Solvency II; significant enhancements to the methods available for calculating risk margins, including support for Solvency II and IFRS.
According to Towers Watson, the updated ResQ 3.6 aslo provides enhanced cash-flow projection methods to assist with calculating discounted reserves; a new central repository for yield curve and development pattern benchmarks and a redesigned user interface to allow for Windows 7 features.
Building on more than a decade of development and innovation, ResQ combines powerful modeling and reserving methods with flexible mechanisms to structure, access and manage data sets.
Towers Watson’s global product leader for P&C reserving software Andrew English said following the acquisition of EMB earlier this year, this latest release shows Towers Watson’s commitment to keep developing its P&C software suite for its clients.