Willis Towers Watson has released a new version of vGrid, its cloud-based Software as a Service technology, which is designed to provide faster run times for life insurers.
According to Willis Towers Watson, tests of vGrid 2.0 confirm the latest upgrades have resulted in runtime improvements of between 20% to 30%.
Willis Towers Watson said the ability to achieve quicker results and execute more complex run scenarios will make it easier for insurers to respond to both changing regulatory requirements and internal pressure to improve business performance.
Additional security features have been added to the ‘pay-as-you-go’ virtual grid technology to ensure compatibility with in-house IT policies and requirements.
For example, vGrid 2.0 now includes multi-factor authentication, reflecting a requirement for many companies to reduce the risk of access credentials for web applications and services being compromised or shared.
In addition companies are now able to set their own timings for when their data will automatically be cleaned from vGrid’s cloud storage.
Willis Towers Watson’s latest vGrid software is designed to complement its RiskAgility Financial Modeller (RiskAgility FM), which helps life insurers to develop and run financial models to better manage risk and safeguard solvency.
Stephen Hollands, global product leader at Willis Towers Watson, said: “Managing large compute capacity and complex IT infrastructure can be expensive, especially when demand is variable. vGrid 2.0 is another step change in delivering an efficient, scalable and secure environment, allowing users to further increase their processing power as and when they need it, without the high ongoing costs of when they don’t.”