Reserving Technology
Learn how your organization can benefit from the Tyche Reserving System.
Why is Reserving Important?
Maintaining an appropriate level of reserves is critical to the financial stability of an insurance company. CFOs and actuaries need to accurately project reserves to meet internal and external reporting requirements, with IFRS 17, GAAP and Solvency II adding complexity and demanding further granularity.
Reserving often includes manual processes using legacy systems and Excel, increasing the risk of errors and dependency on key individuals. This leads to resourcing challenges and less time to deliver value-add analysis such as:
- Deep-dive reviews of the performance of existing and new products
- Defining parameters and reviewing business planning assumptions
How The Tyche Reserving System Can Help
Aon’s Tyche Reserving System transforms the reserving process. It improves business efficiency, reduces operational risk through automation and end-to-end processing while enabling quicker financial reporting.
Generating first-cut results early allows reserving actuaries to spend more time delivering value-add analysis, carrying out portfolio reviews for underwriters and supporting the business planning process. This allows greater insight from finance and senior management stakeholders to improve the accuracy of reserve setting and financial planning.
How We Collaborate with Clients
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01
Discover
We partner with (re)insurers as part of a discovery phase to map the data, design the data flows and identify customization requirements.
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02
Develop and Deliver
Working in collaboration with the client’s data, IT and reserving teams, we build the required interfaces, bespoke models and reports to deliver the end-to-end automated reserving solution.
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03
Review
Our collaborative approach ensures meaningful reviews are carried out continuously throughout the implementation of the system.
Why Work with Aon
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Automated Roll-Forward Functionality
Automated roll-forward functionality produces the first cut of reserving results for an entire entity at the click of a button, whilst retaining full granularity of the input data.
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Data Management
All data, assumptions and results are managed in a single system.
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Out-of-the-Box Functionality with a Customizable Development Framework
In addition to TRS's out-of-the-box functionality, the TRS Development Framework allows reserving teams to build bespoke models and dashboards within a source control framework.
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Robust Audit and Version Control
Robust audit and version control features reduce the risk of errors, and comprehensive documentation mitigates key person risk.
Capability Overview
Strategy and Technology Group
The system has been developed in collaboration with a leading global re(insurer) to ensure its practical use and effectiveness. Clients can also customize the system according to their needs.
To help you make better decisions on reserving, pricing and capital modeling, Aon provides a suite of integrated technology across property and casualty and life, including composites, with strategic technical expertise to optimize operational efficiencies and enrich insight across your workflow.
