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Press Release

WTW releases new version of ResQ reserving software

Insurance Consulting and Technology
IFRS 17 Solutions|Insurer Solutions|

May 4, 2022

This latest upgrade introduces ResQ Agent Processing, a leap forward in the software’s reserving and IFRS 17 reporting capabilities.

LONDON, May 4, 2022 – WTW (Willis Towers Watson, NASDAQ: WTW) has announced the launch of the newest version of its industry-leading loss reserving and financial reporting software. ResQ 5.3 introduces a number of new features including ResQ Agent Processing, a new capability that represents a major evolution of the ResQ Enterprise Processing Engine.

ResQ Agent Processing offers reserving teams the capabilities they need to work more quickly and efficiently.”

Tina Gwilliam|Global Proposition Leader for Reserving and ResQ at WTW

ResQ Agent Processing offers significant improvements to performance and speed, enhancing the functionality of the software’s reserving and IFRS 17 reporting capabilities. When carrying out core user activities with ResQ Agent Processing - such as updating methods or rolling forward a project - the underlying calculations are no longer carried out on the user’s machine. Instead, they are intelligently distributed across multiple ResQ agents1. This offers the following key benefits:

  • Less time spent waiting - When using ResQ Agent Processing, there is no need to wait for database updates to finish after making a change. Users get back control of ResQ immediately, allowing them to continue working on their projects as updates are calculated in the background.
  • Faster calculations - With ResQ Agent Processing, many of the intensive calculations within ResQ are carried out in parallel, offering significant reductions in calculation time.
  • Minimisation of performance constraints - Agents can be flexibly installed and shared by groups of ResQ Enterprise users to get the most out of ResQ, regardless of IT setup. Even if users are working remotely across multiple geographies, the calculations required to update their shared database can be carried out on hardware in a central location, minimising common performance constraints such as network latency.
  • Improved scalability - A pool of ResQ agents can be shared by large groups of ResQ Enterprise users, with each agent used as and when needed. This makes increasingly large and complex ResQ projects possible without sacrificing performance.

Tina Gwilliam, Global Proposition Leader for Reserving and ResQ at WTW, said: “Shrinking timescales and increasing workloads continue to add to already existing pressures on reserving teams. ResQ Agent Processing offers these teams the capabilities they need to work more quickly and efficiently. Client partners who participated in our beta programme were able to conduct regular activities up to ten times faster with Agent Processing.

“ResQ users will be able to deliver their work more quickly, using the time saved to delve deeper into their analysis and provide meaningful insights back to the business.”

This update includes additional investment and improvements in other areas ranging from our Data Exporter function to IFRS17 capabilities.

About ResQ

Building on more than two decades of development and innovation, WTW’s award-winning reserving software uniquely combines powerful modelling and advanced reserving methods with flexible data management to create a complete reserving solution. ResQ is the industry-leading P&C insurance and reinsurance loss reserving solution, used by almost 500 companies globally to carry out fast, insightful analysis of claims experience and trends with complete transparency and to communicate more reliable results with greater confidence.

ResQ’s Financial Reporter module provides an efficient flexible framework to generate IFRS 17 financial statements and the supporting disclosure requirements, saving time and effort when undertaking end-to-end reporting processes.

About Insurance Consulting and Technology

WTW’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 WTW

At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organisations sharpen their strategy, enhance organisational resilience, motivate their workforce and maximise performance.

Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success—and provide perspective that moves you.

Footnote

1 An agent is a software programme that performs processing tasks in the background.

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