Life Technology Solutions
PathWise
Modeling Complex Financial Risk and Guarantees
Forward-thinking life (re)insurers and pension providers strive to manage complex products better and drive profitable growth while navigating rapidly changing regulatory and reporting requirements. However, a quilt-work of disconnected software means firms are facing performance and operational issues with legacy systems, time-consuming and error-prone manual tasks and unverifiable black-box logic that limit detailed and rigorous analysis.
To ensure market risks are identified and the costs of guarantees measured accurately, actuarial projections now require more simulation to model complex financial risks and guarantees. Therefore, higher computing power is needed, increasing both computing costs and processing time for many businesses.
Introducing PathWise
How PathWise Can Help
PathWise® is an end-to-end, high-performance computing platform with automated modeling and analytics to solve business goals for better-informed decision-making. PathWise® allows companies to access next-generation technology to rapidly solve today’s key challenges, such as reserving, pricing, capital management, hedging and asset liability management (ALM).
Powered by next-generation technology, Aon’s PathWise® is a cloud-enabled, scalable enterprise solution for today’s key insurance challenges. Compared to other actuarial software, PathWise® is up to a thousand times faster when processing computation-intensive jobs. This is because it uses parallel processing via GPUs.
PathWise® requires much less hardware and resources to process results, cutting a company’s computing costs.
PathWise in Numbers
Compared to legacy actuarial systems, PathWise can model using fewer simplification techniques due to the superior speed and is:
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100x
100 - 1000x faster
Source: Actuarial Post
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70x
70x cloud cost reduction for stochastic projections
How We Work with Clients
- The Discovery phase explores and documents the requirements for the solution.
- We then Develop a detailed model definition document and implementation plan including the user interface, governance and workflow requirements.
- We Deliver by integrating the software into the client's wider ecosystem.
- Lastly, we Review to fully test and ensure that the benefits have been delivered to the client.
With PathWise®, extensive work can be done in a matter of minutes. It's a revolutionary approach to modeling complex risks.
Benefits of Working with Aon
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Faster Analysis and Reporting
With GPU parallel processing, computation tasks that takes days with legacy systems can be completed within minutes
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Transparent and Flexible Modeling
Excel-like interface offers more transparency and flexibility compared to black-box solutions
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End-to-End Automation
Maximize efficiency through workflow automation by minimizing manual tasks and execution
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Model Governance
Easy built-in version control system for model and script to track all historical changes
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24/7 Cloud Infrastructure Managment
Guarantee availability and access for all business users
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Big Data Ready
Can easily handle more than 100 million policy data in one run
