WTW, an advisory, broking, and solutions firm, has introduced ResQ Machine-led Reserving—a transformative technology designed to help insurers and reinsurers improve accuracy and efficiency in property and casualty (P&C) reserving.
ResQ Machine-led Reserving leverages proprietary algorithms to enhance the core reserving methods in ResQ, WTW’s advanced loss-reserving solution, delivering fully automated, independent loss estimates with a single click.
Extensive back-testing has shown that ResQ Machine-led Reserving outperforms traditional human-only approaches, achieving significantly higher accuracy and stability in projected ultimate losses.
Tina Gwilliam, Global Proposition Leader for Reserving, WTW, commented: “The insurance industry has long faced challenges with expensive, infrequent, low-granularity analyses for financial reporting. ResQ Machine-led Reserving delivers faster, more precise results that allow reserving teams to focus where it matters and provide insights to support broader business needs.”
As projections are based on traditional reserving techniques, results are fully interpretable and can be easily adjusted as needed.
This flexibility enables users to quickly respond to evolving business demands with confidence, allowing them to handle greater complexity, granularity, and frequency without compromising control or clarity.
Gwilliam added: “ResQ Machine-led Reserving is transforming the way in which forward-thinking insurers operate, with accurate and transparent projections of ultimate losses. It allows reserving teams to deliver increased value and brings algorithmic reserving to pricing and portfolio management functions.”
The post WTW launches ResQ Machine-led Reserving for enhanced P&C accuracy and efficiency appeared first on ReinsuranceNe.ws.
