Global reinsurance broker Aon
Benfield has launched its next generation platform for risk and capital modelling that aims to improve the financial strategies of insurance companies.
The firm is launching ReMetrica Version 7.0 as insurers are demanding more value from their investment in capital models following Solvency II and equivalent regulation.
“This trend is seeing a shift in how actuaries, catastrophe modellers and other risk analysts use models from primarily identifying solvency capital requirements to exploring wider financial strategies such as asset allocation and business optimization,” Aon
The company explained that it has re-written the coding behind ReMetrica to create a more sophisticated and robust platform that caters for these increased requirements.
“ReMetrica Version 7.0 is designed so a spectrum of users can achieve these goals and have the data at their fingertips to make more informed business decisions,” said Paul Maitland, international head of ReMetrica at Aon
Initially released in 2000, ReMetrica currently has 1500 users globally, modelling US$400 billion of capital.
According to Aon
Benfield, ReMetrica enables analysts to:
- Run models more quickly and efficiently taking advantage of increased hardware capabilities.
- Provide enhanced reporting – data at users’ fingertips to design reports more easily in ReMetrica without having to open Excel.
- Enable statistical analysis to be used by other colleagues in the firm such as the C-Suite or finance more seamlessly.
- Easily convert existing models into v7 without the need to re-build due to backwards compatible capability.
- Access an updated user interface with a slicker look and feel to simplify model building
- Customise models with more powerful python programming.
The tool’s extra functionality will become available throughout 2016, including enhanced model management and version control, new components and a results viewer.