Far from diminishing the role of judgement, AI will make the central contribution of human beings even clearer. Image credit: BOY ANTHONY via Shutterstock.

Global advisory, broking, and solutions firm WTW has introduced AI capabilities to enhance RiskAgility Financial Modeller (RiskAgility FM).

RiskAgility FM is WTW’s financial modelling and reporting software technology for life and health insurers.

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AI and the large language models (LLMs) that support this latest upgrade and are crucial accelerators in actuarial modelling.

Powered by Generative AI technology, RiskAgility FM now offers transformative improvements to modelling development that make it easier for insurers to write model code, refine and extend existing code, explain code and provide explanations of 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.”

In October 2024, WTW launched a new technology, ResQ Machine-led Reserving, to improve precision in property and casualty (P&C) insurance reserving.

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ResQ Machine-led Reserving leverages advanced algorithms to refine the core reserving methods used in WTW’s loss reserving solution, ResQ.

The technology enables fully automated and independent loss estimates at the click of a button, marking an advancement in the insurance reserving process.

Back-testing of the ResQ Machine-led Reserving projections against actual historical human-selected best estimates has demonstrated superiority, according to the company.

The projections generated by this technology are rooted in traditional techniques, ensuring that the results are transparent and can be easily adjusted if necessary.