German financial services group Talanx AG has purchased the Enterprise editions of Towers Watson's Igloo financial modelling and ResQ reserving software...
The consultant said the move will bring in line the company's IT systems and regulatory capital reporting. Talanx, which includes the HDI and Hannover Re insurance brands, will also base its internal model for Solvency II on the applications.
The Enterprise editions allow the distribution of actuarial models across IT infrastructures so that they can be worked upon around the world, while users will also have the option of a web-based interface. Additionally, Igloo and ResQ Enterprise have in-built data control and security, governance features and non-technical user access to a wide range of reports.
Gerhard Stahl, group chief risk officer of Talanx AG, said: "Within a complex organisation like the Talanx Group, we need to have software solutions in place that are state-of-the-art and highly scalable and reliable. Equally, having access to top quality consultancy support is important to us."
Frank Sommerfeld, Towers Watson P&C practice leader for continental Europe and Middle East, said: "From our work with Talanx in Germany over the last few years, we know the high level of performance they expect from their models, so it is very satisfying that Igloo and ResQ were chosen for this important global risk management framework."