Life Risk Modelling Suite
Why is Life Risk Modelling important?
Life and annuity re/insurers need to manage complex products and risks, underpinned by insights from risk modelling to make better business decisions. To enable their customers to live more confident, secure lives, the Life industry need to invest to maximize return, evaluate strategies and address continuously evolving regulatory and reporting requirements – while controlling costs.
Actuaries and finance professionals are at the heart of addressing these issues with risk modeling software being an essential part of their toolkit.
However, the requirements are extensive and challenging.
- Models run across thousands of scenarios, shocks, and sensitivities so the scale is huge and requires high performance computing
- Data processing and storage requirements are extensive to capture granular information.
- Processes are often over-reliant on error-prone manual tasks.
- Black box logic makes validation difficult and limits detailed analysis.
How Aon Can Help
To address these needs, Aon’s Life Risk Modeling Suite provides enterprise solutions for pricing, projections, valuation and hedging. The software leverages a GPU-based high performance modeling engine (PathWise®) and features an integrated end-to-end set of capabilities that delivers speed, automation, and governance for better business decisions.
Discover our capabilities:
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High-performance modeling
Fast, simple, flexible modeling studio with an Excel-like interface that harnesses the power of GPUs.
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Data warehouse
Integrated data warehouse for optimized read-write and efficient storage.
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Extract, transform and load
Python-based tools for all your data transformation needs to support an end-to-end process.
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Economic scenario generator
Generate real-world and risk-neutral scenarios on-the-fly for advanced analytics.
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Process orchestration and automation
Workflow tools to build “single-click” end-to-end processes with alerts, triggers, approvals, and other interactions.
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Ad-hoc analytics
Python-based analytics studio to unlock innovation and empower actuarial teams.
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Production Control Center
Organize, monitor, and manage production process with confidence and transparency.
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Governance
Version control, branch/merge, user roles and permissions, audit logs, and other tools to ensure your processes are audit-ready.
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Support
Aon provides a range of service, support, and deployment options to serve the needs of all types of insurance organizations.
Capability Overview
Strategy and Technology Group
Introducing Aon's Life Risk Modelling Suite
In numbers
Our scalable cloud solution runs faster and requires less hardware and resource to process results. This cuts a company’s computation costs and frees up time. The impact is exponential increases in efficiency, productivity and innovation.
With Aon’s Life Risk Modelling Suite companies can achieve:
- Model runs that are 1000x faster compared to legacy systems
- 100x lower cloud costs for stochastic projections
- 40 million model points run in an ALM model without memory, disk or speed bottlenecks.
Speed vs. Flexibility vs. Simplicity: Now you can have it all
Legacy systems were forced to make trade-offs between speed, flexibility, and simplicity. Generic tools (e.g, Excel) or native code (Python, C++) have similar trade-offs. Our high-performance modeling engine, PathWise, utilizes a transparent, flexible Excel-like interface to develop models which then run on GPU’s. Aon’s solution breaks the mould by delivering all three benefits.
Our clients achieve massive improvements in productivity, lower costs and more innovation. Aon is defining a new paradigm for modeling solutions.
How we collaborate with clients:
- We work with clients to understand their objectives and discover what is now possible with new technology.
- Collaboration with the client and implementation partners is key to develop efficient plans to unlock value and mitigate risk.
- We deliver critical outcomes by integrating into the client's wider ecosystem.
- As long-term partners, we ensure the return on investment spans years if not decades.
Why Work with Aon
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Speed, flexibility, and simplicity
A GPU-based high-performance modeling engine (PathWise) for productivity, efficiency and innovation. Develop models free from legacy constraints on memory, data, and speed.
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Power and control to the client
All business logic is transparent, configurable, and auditable, but is provided with governance and control. No black boxes or vendor lock-in, but with the option for as much vendor support as you require.
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Audit-ready solution
Integrated version control, automated documentation, role-based permissions, and more. Develop and use models with collaboration, confidence and control.
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Designed for automation
Easy Python integration within a comprehensive, end-to-end platform and includes a REST API. No vendor lock-in – instead build your automated processes with as much vendor support as you require.
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Optimize the actuarial organization
Centralize core model development. Segregate access and responsibilities. Share models and processes. Manage the development lifecycle. Meet both the production and ad hoc needs of the business.
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Flexible support options
Access support at the right level for your organization: white glove, self-service, managed service, standard processes/libraries, and more. SaaS and Bring Your Own Cloud (BYOC) options for deployment.
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Strategic insight
Our Life Solutions team brings experts in using and implementing solutions to leverage Aon’s Life Risk Modeling Suite and support your strategic objectives for growth, efficiency, and innovation.
