ARLINGTON, Va., July 19, 2016 (GLOBE NEWSWIRE) — Willis Towers Watson (WLTW), a leading global advisory, broking and solutions company, today announced the availability of its updated U.S. Library of Applications, version 3.1, designed for the financial modeling of life insurance, annuity and long-term care products. U.S. Library 3.1 provides a broad array of new features and advanced capabilities that give insurers greater insights into the pricing, risk and capital requirements for their products.

“We’re excited to offer our clients a broad set of improvements across our financial modeling applications — adding to an already advanced application suite,” said Kendrick Lombardo, senior consultant in Willis Towers Watson’s Americas Life Insurance practice. “The U.S. Library provides a powerful combination of built-in functionality and flexibility to precisely fit client needs.”

The U.S. Library uses Willis Towers Watson’s RiskAgility FM platform for financial modeling. RiskAgility FM is built with the latest software technology for enhanced performance and ease of use. The Team Edition offers extensive functionality to provide the audit, governance and controls insurers need to safeguard the integrity of their financial models.

The U.S. Library provides advanced capabilities, including point-in-time and projected principle-based approaches for calculating reserves and capital, dynamic GAAP unlocking and revaluations, economic capital, product design and pricing, and robust asset/liability management.

Version 3.1 includes a broad array of new functionality and improvements. Highlights include:

• Enhancements to economic scenario file structures and generation capabilities provide more flexibility in defining and generating interest rates and equity returns.
• Improvements to the Variable Annuity application provide point-in-time hedging valuations, which are important for daily hedge trading and hedge effectiveness projections.
• Enrichments to the Payout Annuity application provide modeling structured settlements that support multiple cash-flow streams and guideline 9C reserves.
• Accidental death benefit riders can now be attached to life insurance policies.
• Traditional, universal, indexed universal and variable universal life model points can now be treated as arising from term conversions. The mortality for these model points is calculated based on the original issue date of the term model point and can be based on a separate set of base mortality and adjustments.
• Calculations required by New York regulation 147 amendment 6 for universal life reserves can be made.
• Negative cash-flow strategies can be varied by calendar period and economic conditions.
• Run time is improved for independent model point processing for all applications and policy-year-based calculation for life insurance applications.

About Willis Towers Watson

Willis Towers Watson (WLTW) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has 39,000 employees in more than 120 countries. We design and deliver solutions that manage risk, optimize benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas — the dynamic formula that drives business performance. Together, we unlock potential. Learn more at willistowerswatson.com.