Press Release

Willis Towers Watson launches new version of ResQ to boost reserving capability of insurers

Updated software delivers improved automation, efficiency and usability for insurers under pressure from increasingly complex reporting requirements

June 20, 2018

LONDON, Wednesday 20 June, 2018 — Willis Towers Watson has launched a new version of ResQ, its industry-leading loss reserving software. ResQ 4.1 provides property and casualty (P&C) insurers with new reporting capabilities to further advance the software’s technical capability, in response to clients’ increasing need for faster and more efficient processes.

“IFRS 17 will sharply increase scrutiny of reserving adequacy and reporting, further ramping up the pressure on insurers to deliver results faster and with greater accuracy, all in a soft market with pressures to cut cost base,” said Tina Gwilliam, Global Product Leader for ResQ at Willis Towers Watson. “ResQ’s new capabilities will give insurers greater confidence in meeting these reporting challenges by improving ease of use, consistency and control, as well as streamlining the reserving process.”

ResQ 4.1 provides a new integrated reporting facility and additional technical capabilities, together with enhancements to the software’s automation capabilities. Highlight features include:

  • Users can now easily create reports (no coding is required), selecting results/data using drag and drop and simple configuration options. Better reporting gives greater understanding of results allowing users to make better, more informed business decisions.
  • ResQ already has comprehensive automation capabilities via its COM API, but for those wishing to create a more controlled end-to-end solution involving multiple systems as well as ResQ, we have improved the integration with Unify, our workflow automation and governance platform. Clients can therefore further streamline their processes to improve business efficiency and governance.
  • ResQ is fully compatible with third-party cloud providers and can now be used as software as a service (SaaS) delivered by Willis Towers Watson. These flexible deployment options ensure ResQ is available according to insurers’ individual needs.

Tina Gwilliam said, “In this era of ever-tightening reporting deadlines and squeezed resources, ResQ offers much-needed efficiency through automation, while continuing to provide tools for accurate estimation in a secure, governed environment.”

About ResQ

Building on more than two decades of development and innovation, ResQ combines powerful modelling and reserving methods with flexible mechanisms to structure, access and manage data sets. Willis Towers Watson now licenses ResQ to over 400 insurance companies worldwide.

About Insurance Consulting and Technology

Willis Towers Watson’s Insurance Consulting and Technology business has over 1,200 colleagues operating in 35 markets worldwide. It is a leading provider of advice, solutions and software – primarily to the insurance industry. Its consulting services help clients manage risk and capital, improve business performance and create competitive advantage – by focusing on financial and regulatory reporting, enterprise risk and capital management, M&A and corporate restructuring, products, pricing, business management and strategy.

About Willis Towers Watson

Willis Towers Watson (NASDAQ: WLTW) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has over 40,000 employees serving more than 140 countries. We design and deliver solutions that manage risk, optimise benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas – the dynamic formula that drives business performance.