Aon’s PathWise Solutions Group develops integrated business platform for IFRS 17 purposes
Aon Benfield, the global reinsurance intermediary and capital advisor of Aon plc, in May 2017 announced the launch of its PathWise Solutions Group business solutions package, bringing the integrated enterprise High Performance Computing (HPC) business platform within compliance for IFRS 17 standards for insurance contracts.
This standard requires companies to significantly enhance their valuation systems and processes; specifically in areas such as data management, model management, and computational power for actuarial and asset and liability projections.
The platform, which is the first of its kind in the insurance industry, runs on Graphics Processing Units (GPUs), allowing it to model assets, liabilities, and scenario generators at the same time, thereby providing a complete solution for the managing and reporting of complex financial and biometric risks faster than other legacy systems designed to run on CPUs.
All logic and calculations are completely transparent, making PathWise a highly flexible platform for audit trails and controls.
One of the largest insurance companies in South Korea, Kyobo Life Insurance, is the first to license this platform. PathWise replaces Kyobo’s existing reserve valuation tool with an end-to-end fully automated system that handles inforce conversion, assumption transformation, scenario generation, stochastic-on stochastic calculations and financial report generation. Kyobo Life’s entire inforce data has been stored and queried in PathWise Data Warehouse, while PathWise Economic Scenarios Generator has been calibrated to South Korea market data and generates scenarios on the fly.