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Willis Launches Cloud-based Workspace, Cutting Legacy IT Costs for Insurers

Source: Willis Towers Watson

Posted on 25 Jul 2017 by Neilson

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Willis announces vplaceWillis Towers Watson has announced the launch of vPlace -- a virtual, actuarial workspace that brings their insurance software to the cloud. The Software-as-a-Service (SaaS) platform has been developed to help meet the industry's need to reduce IT costs and find more efficient ways to respond to business and regulatory pressures which legacy IT infrastructure is failing to address.

The online workspace, powered by Microsoft Azure, overcomes the limitations of legacy IT by providing insurers with an agile, alternate environment to host and manage their Willis Towers Watson software and supplementary actuarial programmes. Through vPlace, software is enabled to run at peak performance, supporting insurers' ability to effectively respond to fluctuating industry pressures, maximizing their software investment.

Stephen Hollands, SaaS Global Product Leader at Willis Towers Watson 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."

Jonathan Silverman, director, business development at Microsoft Corp. said: "To expand computing capacity enough to meet regulations and compete in the market, insurers that rely on on-premises technology will have to invest heavily in infrastructure which may quickly become obsolete. By leveraging high performance compute capacity in Microsoft Azure, vPlace gives insurers a solution for their risk and actuarial software challenges that is both flexible and cost-effective."

vPlace can accommodate a range of Willis Towers Watson's risk and actuarial software products and other supplementary actuarial programmes to enable them to work seamlessly together. The consultancy and leading software vendor's RiskAgility Financial Modeller (FM) is the first of its actuarial software products to be hosted on vPlace, with other products scheduled to join over the coming year.

Key benefits of vPlace:

  • A fully managed actuarial Software-as-a-Service - removing the burden from internal IT of installing and managing specialized actuarial systems.
  • Automatic software updates to ensure users are always working with the latest version in an optimised environment - enabling them to benefit from Willis Towers Watson's suite of actuarial software products. 
  • Seamless user experience provided through an easy-to-use interface that hosts their software applications and data in a central location allowing for easy cross-tool collaboration.
  • Removes workload from onsite desktop PCs to limit system conflict, increasing speed and performance of software.
  • Uses leading cloud-based security services with exceptional privacy credentials, as well as built-in disaster recovery.
  • Supported by high-quality, specialist client services and expert support available 24/7.
  • Accessible from anywhere, at any time - removing the reliance and constraints of traditional desktop PCs.
  • Cost-effective way to implement and manage actuarial technology.
  • RiskAgility FM in vPlace fully supports vGrid 2.0, the latest version of Willis Towers Watson's flexible and highly scalable cloud-based computation grid service.

Willis Towers Watson is the world's largest provider of actuarial software with over 40 years' experience in developing market leading products. Our technology solutions form an important part of our strategy and continue to grow. We have over 1,000 associates dedicated to these solutions. From software to web-based and mobile applications, we provide over 70 technology products to our clients to support their financial/risk and HR needs.