Professional services firm, Towers Perrin, has announced RiskAgility™ P&C Version 1.2 that provides modeling solutions for property and casualty insurers and reinsurers. The new software improves the way companies manage their risk and capital, while fulfilling scrutiny for improved enterprise risk management (ERM) from rating agencies, regulators and investors.

According to Mike Oxley, managing director of software solutions for Towers Perrin, “Property/casualty insurers are facing increased pressure to improve and expand their implementation of ERM. Failure to measure up can cost a company a favorable rating, which can have a dramatic impact on the bottom line. With RiskAgility P&C, insurers can respond with a strong business and technology solution that will satisfy outside constituents while improving business performance.”

Insurers using RiskAglity P&C can improve the way risk is managed across the organization, determine capital requirements and distribute capital to business units. RiskAglity P&C can also help develop reserve ranges, optimize reinsurance programs and calculate economic performance and value creations.

“Our company had been looking for a financial modeling solution to help us improve capital management,” explained senior vice president and chief financial officer with MMG Insurance Company, Michael Young. “RiskAgility P&C gives us deeper insight into the interactions between our insurance portfolio, investments, reinsurance and financial strategies, which will help us manage capital. Towers Perrin helped us learn the system and get our model up and running quickly.”

RiskAgility P&C simple user interface makes setup of the application quick and easy so that less time is spent setting up and configuring the application. Using the graphical analytics features provides managers a better understanding of the financial risks their company possesses. Insurers can compare the consequences of multiple reinsurance programs within a single run by using an individual portfolio reporting with side-by-side graphical portfolio analysis.

“There’s an evolutionary path for risk and financial modeling, from spreadsheet models, to packaged software with standard functions, to comprehensive financial modeling software that can model an insurer’s entire business,” Stephen Lowe, global director of the property & casualty insurance practice for Towers Perrin added. “RiskAgility P&C can take an insurer to the highest level of financial modeling using proven methods and the latest software technology. In addition to delivering comprehensive capabilities and technology, we have remained focused on making RiskAgility P&C easy to learn and flexible to use.”