White Paper

ResQ to the Rescue

A rapid change in the analytical needs of insurers spurred the development of an actuary-focused solution from Willis Towers Watson.

White Paper Summary

To the degree that such a thing is possible, insurers and their risk management partners seek factual predictability. That most relevantly applies to losses and the reserves set aside to cover those losses.

The hard truth is that the world, and the business world, are never predictable. Never has that been truer than in the wake of the COVID-19 pandemic that has rocked the world and broad swaths of the global economy.

Thus, the science of actuarial analysis, which would conversely be described as the art of determining adequate reserves, is going through its own forced, rapid evolution.

Under-reserve and you run the risk of insolvency. Over-reserve and you fail to deploy capital to its most productive use.

Where insurers, brokers and insureds in the past might have been satisfied with an annual or bi-annual analysis, that is no longer the case. With so much economic disruption, the trend is toward more frequent, even monthly, loss reserve assessments.

To learn more about Willis Towers Watson, please visit their website.
Willis Towers Watson’s Insurance Consulting and Technology business is a leading provider of award-winning software and advisory services for the insurance industry.

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