General Insurance Article - Updated ResQ reserving software unveiled by Towers Watson

 Towers Watson has released an updated version of its ResQ reserving software for property and casualty (P&C) insurers.

 
 With ResQ 3.7, Towers Watson has concentrated on performance and scalability enhancements, a generalised scripting solution, and on further improvements to the user experience:

 
 • Performance has been enhanced significantly, particularly for large projects, with speed improvements of up to 100 times for some activities.

 
 • ResQ now includes a generalised scripting solution in the Enterprise edition. This is a powerful new feature that allows ResQ’s functionality to be extended by the user. For example, common tasks can be automated, streamlining the reserving process and providing efficiency gains.

 
 • ResQ includes a number of examples of using the new scripting solution, including building customised reports from ResQ directly into Microsoft Excel.

 
 “Regulatory initiatives and changes to financial reporting such as IFRS require clearer audit trails from claims data to management information,” said Peter England, Towers Watson’s global product leader for P&C reserving software. “Amongst other things, the scripting solution in ResQ 3.7 can assist with automating key tasks, reducing the possibility of human error, and strengthening the governance around reserving processes.”

 
 Building on more than a decade of development and innovation, ResQ combines powerful modelling and reserving methods with flexible mechanisms to structure, access and manage data sets. There are nearly 300 insurance companies worldwide that use the software currently.