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Willis Towers Watson launches virtual workspace for insurers

Published 19 July 2017

Willis Towers Watson has introduced a virtual, actuarial workspace, dubbed vPlace, to address the insurance industry’s need to cut down on IT infrastructure costs.

The global insurance broker’s risk and actuarial software including the RiskAgility Financial Modeller (FM) has been brought to the cloud by hosting on the new online workspace.

vPlace, which is a Software-as-a-Service (SaaS) platform, is expected to help the insurance sector to find more efficient methods to respond to business and regulatory pressures which legacy IT infrastructure as per Willis Towers Watson has been failing to address.

Willis Towers Watson SaaS global product leader Stephen Hollands said: “Shorter reporting timelines are pushing insurers to do more in less time and traditional on-premise infrastructures are struggling to remain fit for purpose.

“Having a virtual workspace in the cloud, supported by our risk and actuarial software experts, allows insurers more time to respond to the changing needs of the business without having to spend huge sums on purchasing, updating and maintaining onsite infrastructure.”

Powered by Microsoft Azure, vPlace is said to cover for the limitations of legacy IT. This, it does by helping insurers with an agile, alternate environment to host and manage their Willis Towers Watson software and supplementary actuarial programmes.

According to the UK firm, software is enabled to run at peak performance through vPlace. This, in turn will support the ability of insurers to effectively respond to varying industry pressures while making the most of their software investment.

vPlace is claimed to facilitate various risk and actuarial software products of Willis Towers Watson and other supplementary actuarial programmes to enable them to work together smoothly.

Image: Willis Towers Watson’s vPlace brings its insurance software to the cloud. Photo: courtesy of ddpavumba/Freedigitalphotos.net.