ResQ Machine-led Reserving uses advanced algorithms to enhance the core reserving methods in WTW’s loss reserving solution. Credit: OleksSH/Shutterstock.

Advisory, broking and solutions company Willis Towers Watson (WTW) has launched a new technology, ResQ Machine-led Reserving, to improve precision in property and casualty (P&C) insurance reserving.

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

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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.

This adaptability allows users to rapidly respond to evolving business needs, scaling up to more complex, granular and frequent tasks without compromising control or interpretability.

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WTW reserving global proposition leader Tina Gwilliam 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.”

WTW collaborates with a diverse range of clients globally, including insurance groups. Currently, more than 1,000 client companies across six continents utilise WTW’s specialist insurance software.

Recently, WTW entered Saudi Arabia by obtaining an insurance broker licence.