Following Solvency II and equivalent regulation, insurers are demanding more value from their investment in capital models.
According to Aon Benfield, this trend is seeing a shift in how actuaries catastrophe modellers and other risk analysts use models from primarily identifying solvency capital requirements to exploring wider financial strategies such as asset allocation and business optimisation.
Aon Benfield has re-written the coding behind ReMetrica, to take advantage of new technology and prepare the tool for the next 10 years.
The new model is able to run models more quickly and efficiently taking advantage of increased hardware capabilities. It enables enhanced reporting, statistical analysis and ability to access updated user interface.
The platform is also now able to easily convert existing models into version seven without the need to re-build due to backwards compatible capability.
Originally, ReMetrica was released in 2000 and has approximately has 1,500 global users, modelling $400 billion of capital.
Paul Maitland, international head of ReMetrica at Aon Benfield, commented: “The advent of Solvency II has further augmented the role of analysts and highlighted the flexibility required from capital models to deliver more strategic insights.”
“ReMetrica Version 7.0 is designed so a spectrum of users can achieve these goals and have the data at their fingertips to make more informed business decisions. This will be an exciting journey over the next year as we work with our users to transition to the enhanced platform and share new features.”