The consultancy said its Igloo Standard Formula and RiskAgility Standard Formula software products will implement the formula with full data and parameterisation control to support the governance requirements of the new insurance legislation.
Both products will be available as entirely stand-alone solutions for clients to implement alongside any financial modelling platform. They will also be configured to allow full and seamless integration with existing uses of Igloo and RiskAgility MoSes.
Martin Pike, Towers Watson’s managing director of risk consulting and software in Europe, the Middle East and Africa, said: ‘There is a clear need in the marketplace for a robust process for the production of results using the standard formula, removing the need for the use of spreadsheets.
‘These additions to our already well-established life and non-life modelling products offer an “out-of-the-box” solution to the calculation complexities within a strong control framework to facilitate audit and review.’