WTW has launched ResQ Machine-led Reserving, a groundbreaking product designed to tackle the entrenched challenges faced by the insurance industry. This innovative solution aims to significantly enhance the speed and precision of reserving processes, enabling both insurers and reinsurers to shift their focus from time-consuming tasks to more strategic business developments. By integrating WTW’s proprietary algorithms, the ResQ Machine-led Reserving product remarkably advances the core reserving methodologies of the company’s established loss reserving solution, ResQ.
This state-of-the-art technology allows insurers to generate fully automated and independent loss estimates with the simple click of a button, greatly streamlining the reserving process. Extensive back-testing has demonstrated significant improvements in both accuracy and stability compared to traditional human-derived estimates. Projections capitalize on established techniques to ensure results are comprehensible and adjustable, thus providing users with the confidence to handle increased complexity and granularity without sacrificing control or interpretability.
Addressing Industry Challenges with Precision
WTW has introduced ResQ Machine-led Reserving, a revolutionary product designed to address persistent challenges in the insurance industry. This advanced solution aims to dramatically improve the speed and accuracy of reserving processes, allowing insurers and reinsurers to shift their attention from labor-intensive tasks to more strategic business activities. By incorporating WTW’s proprietary algorithms, the ResQ Machine-led Reserving product significantly enhances the core reserving methodologies of the company’s well-established loss reserving solution, ResQ.
This cutting-edge technology enables insurers to produce fully automated and independent loss estimates with just a click, greatly simplifying the reserving process. Extensive back-testing has shown marked improvements in both accuracy and stability compared to traditional human-derived estimates. The projections utilize established techniques to ensure the results are clear and adjustable, providing users with the confidence to manage increased complexity and detail without losing control or clarity. This innovation allows for more efficient and reliable insurance operations.