CSC (Falls Church, Va.) and Towers Perrin (Stamford, Conn.) have debuted Financial Risk Intelligence, a jointly created solution aimed at streamlining financial risk and capital management analytics for U.S. life insurance and annuity companies. The solution combines CSC's Insurance Industry Data Model, consulting expertise and preconfigured integration tools with Towers Perrin's financial modeling software, methodologies and services, according to a CSC source.
CSC describes Financial Risk Intelligence as an end-to-end solution that manages data from source systems directly to the financial modeling platform, enabling insurers to assess financial risk better, gain greater visibility into their data and its lineage, and satisfy regulatory and compliance demands. By automating data aggregation, transformation and cleansing through a centralized data source, the solution also eliminates the cost of ad hoc repositories, CSC claims. The vendor asserts that the insight gained from these analytics can help insurers refine reserves and improve actuarial operations and financial performance.
"Current economic conditions are forcing critical actions by insurers, as their financial risk modeling assumptions, including the timeliness and quality of their data, are being closely scrutinized," remarks Michael W. Risley, president, Life and Annuity Division, Financial Services Group, CSC. "Working with Towers Perrin, we are offering a comprehensive solution that enables clients to understand and manage their financial risk quickly, accurately and with auditable and repeatable results."
"Pressure from regulators, rating agencies and investors is motivating insurers to evolve their use of financial modeling, from periodic financial reporting to the ongoing management of risk and capital," comments Mike Oxley, managing director, Towers Perrin's Software Solutions. "With Financial Risk Intelligence, we can help insurers bring trusted data from CSC systems to our Tillinghast Actuarial Software, MoSes and RiskAgility financial modeling systems in increasingly useful time frames."
Anthony O'Donnell has covered technology in the insurance industry since 2000, when he joined the editorial staff of Insurance & Technology. As an editor and reporter for I&T and the InformationWeek Financial Services of TechWeb he has written on all areas of information ... View Full Bio