Aon Benfield launches new model
Aon Benfield, the global reinsurance intermediary and capital advisor of Aon, has launched a new model for life, health and pensions.
According to Aon Benfield, the new product, ReMetrica, will evaluate the key risks of long term products and more accurately influence reinsurance purchases, predict cash flow and analyse financial strategies.
It said that this approach means companies can take into account the frequency and duration of events that could trigger claims and explore their variations to allow for uncertainties in the results.
The multi-state model concept underpins modelling for long term business within ReMetrica and means that actuaries can now map the journey of policyholders throughout their lives. Traditionally this has been used for health and disability modelling but now ReMetrica can apply this to all lines of business including assurance and annuities.
Irfan Akhtar, head of development for ReMetrica for life, health & pensions, said: “Aon Benfield has undertaken extensive development over the last four years to bring the best of ReMetrica’s stochastic modelling to its life, health and pensions clients. Unlike most of its peers, the platform has been built as a stochastic tool from inception, rather than simply adding to a deterministic model, and also uses a ground-breaking approach to modelling multi-states.”
