Willis, part of Willis Towers Watson (WTW), has introduced an analytical and strategic service called Captive Fit, which aims to assist companies in enhancing their captive insurance arrangements.
Captive Fit leverages WTW’s Igloo platform, a risk analytics modelling tool that has been adopted by more than 1,000 users from 150 casualty and property insurers.
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Designed to tackle the intricate difficulties that captive insurers face, Captive Fit focuses on issues such as premium, investment and reserve risks.
The service offers analytics and stress testing to help organisations measure their capital adequacy, analyse the benefits of risk diversification and fine-tune their risk financing strategies.
The benefits of the service include support for informed decision-making through analytical insights; the exploration of untapped potential to enhance value; the evaluation of possible capital distributions to improve capital efficiency; and the identification of investment opportunities for better returns.
WTW Captive & Insurance Management Solutions and Climate Practice head Peter Carter said: “The launch of Captive Fit marks a significant milestone in our commitment to helping clients maximise the value of their ongoing captive insurance programmes.
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By GlobalData“In today’s dynamic financial landscape, ensuring that captive programmes are fit for purpose is more critical than ever. Captive Fit empowers organisations to make informed decisions about their captive’s investment and underwriting strategies. This enhances governance, whilst unlocking hidden value from their captive arrangements.”
This development comes after WTW’s recent introduction of the Radar Connector for Snowflake, which enhances the functionality of its Radar insurance analytics and pricing platform.
In August, WTW collaborated with Klarity, a provider of health data analytics, to incorporate data from wearable technology into life insurance underwriting.
In September, Sompo Group forged an alliance with WTW to utilise Radar technology in its non-life insurance offerings.
