Source: Reinsurance News

Life and health insurers face growing challenges, including managing increasingly complex products and regulations, while ensuring their models accurately reflect the business. The adoption of IFRS 17 and other local regulations further adds to this complexity, requiring insurers to regularly update their models to reflect changes in regulations and products.

The latest upgrade to RiskAgility FM leverages AI and large language models (LLMs), acting as key accelerators in actuarial modelling. Powered by Generative AI technology, RiskAgility FM now delivers transformative improvements in model development, simplifying the process for insurers to write, refine, and extend model code, as well as explain both the code and actuarial concepts.

Mark Brown, Global Proposition Lead for Life Financial Modelling, Insurance Consulting and Technology at WTW, said, “CFOs, CROs and Chief Actuaries are under increasing pressure to manage the costs of building and maintaining faster and more accurate actuarial calculations. Performance gains achieved by the new AI capability in RiskAgility FM are truly game changing, significantly reducing model development times, with fewer errors, and delivering major efficiency savings for insurers.”

Read the full article: https://www.reinsurancene.ws/wtw-enhances-riskagility-fm-with-ai-capabilities-for-lh-insurers/