Carys Jones, Global Head of VIPitech, said: "Insurers are under increasing pressure to demonstrate effective operational risk management strategies that support Solvency II and IT compliance standards. They are also relying more heavily on the technology that underpins the measurement and management of risk, requiring it for strong governance and control of the modelling framework."
VIPitech Enterprise allows users, including non-actuaries, to have access to business models and management information and to see the effects of changes to key assumptions via a web browser without having to access the underlying actuarial calculations.
Jones, added: "VIPitech Enterprise enables complete separation of the model development and production environments with full automation to eliminate the risk of manual intervention."
VIPitech Enterprise's connectivity is claimed to be a key feature of the new tool. Its design, Watson Wyatt says, "ensures that VIPitech Enterprise should easily fit alongside core components within an existing IT framework without major adjustments required, giving IT departments comfort over protection of established investments."