NOVIS Insurance Company to support CEE growth with Aon’s ReMetrica modelling software
NOVIS Insurance Company is to use Aon’s Remetrica capital modelling software for Life, Health & Pension, and is understood to be the first firm to do so in Central and Eastern Europe (CEE).
The insurer operates in several countries, including Austria, Lithuania, Czech Republic, Hungary, Poland and Slovakia. It said it chose the software to help achieve more accurate cash flow projections, and to help with its growth strategy. As a young firm, it has less data so this allows uncertainty to be captured by the model as well as helping to manage IFRS 17, the new accounting standard due to be implemented in 2022.
“We value the ability to make quick and easy modifications to existing risk models, as well as build entirely new stochastic models. It is not just a ‘nice to have’ feature for NOVIS,” said Siegfried Fatzi, chief executive at NOVIS. “We rely on ReMetrica to help us decrease our time and energy requirements. This is crucial as we adapt to changes and opportunities in the marketplace.”
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