ARLINGTON, Va., Nov. 29, 2017 (GLOBE NEWSWIRE) -- Willis Towers Watson (WLTW), a leading global advisory, broking and solutions company, has launched Igloo 5, a significant update to the market-leading financial modeling platform. Igloo 5 brings a number of key improvements, including greatly improved model runtime; ready for use-based licensing and full implementation in the cloud; fully backward compatible to support existing client models and investment; and full 64-bit application to support models of any size and any number of simulations.
Igloo 5 takes advantage of the latest software technologies to deliver a step change in performance and management of costs on local or cloud infrastructure. Igloo 5 is a 64-bit application that includes the first components of the Igloo Next Generation project — the first delivery in a road map of the complete reengineering of Igloo, which fully harnesses modern computing developments, including cloud technologies, while retaining the key features that have made Igloo the market leader for capital modeling.
“Early indications of performance are very exciting, with models running many, many times faster than earlier versions,” said Rob Collinson, global leader for capital modeling at Willis Towers Watson. “What is really key, however, is that Igloo can now be deployed in the cloud with a new licensing framework, which can materially reduce the overall cost of ownership.”
Igloo 5 can be easily implemented locally or using cloud technology — or a combination of the two. This delivers an unprecedented level of flexibility that is complemented by new options for flexible licensing that offer unlimited processing licenses while only paying for what is used. When combined with the power of the cloud, implementation performance can now be greatly scaled up to meet short-term demand or reduced to minimum levels during off-peak periods.
The updated platform also offers a high level of compatibility with past versions of Igloo, enabling existing users to leverage many of the benefits of the new release without requiring any investment in re-working existing models.
“We recognize and respect the investment in Igloo made by our clients over the years. Our development plan always seeks to ensure that we adopt the very best of emerging technology to provide step change performance improvements while being sure that existing client models continue to perform well,” said Collinson.
Igloo continues to offer a range of market/best practice libraries, including a full economic capital model and a full implementation of the Solvency II standard formula. These tools allow users to realize quickly the benefits of Igloo without requiring any coding experience.
Igloo is the insurance industry's leading modeling platform for P&C businesses and is noted for its transparency and scalability. Igloo has provided stability and innovation at the core of insurance risk modeling for more than 15 years and supports an understanding of risk within the business. It also provides the platform for regulatory and economic capital modeling in addition to a wide range of other applications, including reinsurance purchasing, business planning and flexible business decision support. Igloo supports more than 130 insurance groups worldwide with more than 1,500 individual licenses.
About Insurance Consulting and Technology
Willis Towers Watson’s Insurance Consulting and Technology business has over 1,200 colleagues operating in 35 markets worldwide. It is a leading provider of advice, solutions and software — primarily to the insurance industry. Its consulting services help clients manage risk and capital, improve business performance and create competitive advantage — by focusing on financial and regulatory reporting, enterprise risk and capital management, M&A and corporate restructuring, products, pricing, business management and strategy.
About Willis Towers Watson
Willis Towers Watson (WLTW) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has 40,000 employees serving more than 140 countries. We design and deliver solutions that manage risk, optimize benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas — the dynamic formula that drives business performance. Together, we unlock potential. Learn more at willistowerswatson.com.
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Source : https://finance.yahoo.com/news/igloo-5-speeds-way-next-140500649.html