Aon Benfield updates risk and capital modelling platform

Aon Benfield has launched ReMetrica Version 7.0 – its next generation platform for risk and capital modelling.

Following Solvency II and equivalency regulation, Aon Benfield said insurers are demanding more value from their investment in capital models.

“This trend is seeing a shift in how actuaries, catastrophe modellers and other risk analysts use models from primarily identifying solvency capital requirements to exploring wider financial strategies such as asset allocation and business optimisation,” it said.

Aon Benfield said it has re-written the coding behind ReMetrica to create a more sophisticated and robust platform that caters for these increased requirements. ReMetrica was initially released in 2000 and currently has 1,500 users globally, modelling $400 billion of capital.

ReMetrica Version 7.0 allows analysts to: run models more quickly and efficiently taking advantage of increased hardware capabilities; produce enhanced reporting – data at users’ fingertips to design reports more easily in ReMetrica without having to open Excel; convert existing models into v7 without the need to re-build due to backwards compatible capability; and access an updated user interface with a slicker look and feel to simplify model building.

It also enables statistical analysis to be used by other colleagues in the firm and allows for customisation of models with more powerful python programming.

The launch is the first step in the development timeline as extra functionality becomes available throughout 2016, including enhanced model management and version control, new components and a results viewer to widen the scope of those benefitting from the outputs.

ReMetrica Version 7.0 is created by development teams in London and Singapore. The latter, part of the Aon Center for Innovation and Analytics, was created two years ago to support the new version and to deliver new features, quicker.

Paul Maitland, international head of ReMetrica at Aon Benfield, said: “The advent of Solvency II has further augmented the role of analysts and highlighted the flexibility required from capital models to deliver more strategic insights. ReMetrica Version 7.0 is designed so a spectrum of users can achieve these goals and have the data at their fingertips to make more informed business decisions.

“This will be an exciting journey over the next year as we work with our users to transition to the enhanced platform and share new features.”