Aon's technological approach in the realm of startups is reinventing the way life insurance is managed.
In the dynamic world of finance and insurance, a significant shift towards cloud-native, GPU-optimised solutions like Aon's PathWise is becoming increasingly prevalent. This transition marks the cannibalisation of legacy technology, as companies seek to streamline their operations and leverage the power of modern technology.
At the helm of Aon's life consulting practice is Michelle Lister, the UK/EMEA head of life actuarial consulting at Aon's Life Solutions. Lister's team offers comprehensive support and solutions for a range of business challenges, from pricing deals and assumption setting to data cleaning, onboarding schemes, reserving, and optimizing capital holdings through reinsurance. Aon's commitment to leveraging technology and analytics aims to drive better business decisions.
One of the key tools in Aon's arsenal is PathWise, a high-performing GPU-based life actuarial software. The success of PathWise in the marketplace is driven by companies seeking significantly better efficiency, productivity, agility, and insights.
PathWise offers a thousand times better throughput than its CPU-based competitors and is nearly a hundred times less expensive to run on GPUs. This incredible performance is evident in the time savings it provides. For instance, a whole-life valuation involving 350,000 policies, 1,000 scenarios for a 100-year projection was completed on four GPUs in just 7 minutes and 48 seconds, while a legacy CPU system using 100 CPUs took over two hours.
Moreover, PathWise automates the entire process, allowing actuaries to spend time analyzing results rather than waiting on runs, reducing the burnout of talent associated with legacy systems. This automation is particularly beneficial in complex calculations, such as Variable Annuities full nested stochastic jobs, which would take days on CPUs but can be completed in just 10 minutes with 4 GPUs using PathWise.
PathWise addresses a wide range of actuarial modeling requirements, including cash flow modeling, economic scenario generation, capital modeling, accounting sub-ledger, data ETL, and more. It is designed for modern actuarial modeling requirements and is built for the cloud, designed for GPUs, and architected to address the complexity of current solvency regulations.
The aftershocks of Solvency II, IFRS 17, and GAAP LDTI are still echoing through the actuarial stacks, necessitating new solutions like PathWise. The use of PathWise technology aims to offer practical advantages in a competitive market, particularly for insurers expanding operations or entering the UK and US PRT market.
PathWise is a comprehensive modelling suite that includes a Modelling Studio, Analytics Studio, optimized internal data store, visual tools for workflow orchestration, and tools for production execution and management. It has been used by insurers for over 15 years and is designed to meet the demands of the modern insurance industry.
In conclusion, Aon's PathWise represents the arrival of actuarial intelligence at the speed of business, offering a revolutionary approach to life actuarial solutions. Its GPU-optimised, cloud-native design provides unparalleled performance, automation, and cost savings, making it an invaluable tool for insurers navigating the complex regulatory landscape of the 21st century.
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