Aon has announced a strategic collaboration with India's ICICI Prudential Life Insurance Company, where the insurer will implement a high-performance modelling platform across its actuarial modelling landscape.
Aon’s PathWise solution will enable ICICI Prudential Life Insurance to develop all its actuarial models across regulatory and reporting regimes.
Additionally, Aon and ICICI Prudential Life Insurance are collaborating to develop a clear roadmap to progressively extend usage of the solution to cover the entire business portfolio.
The solution will provide the insurer’s actuarial team with intuitive model development tools and a high-performance computing environment to support its actuarial modelling processes with an initial focus on Indian Risk Based Capital Framework (IRBCF) and IFRS17 (Ind-AS) reporting.
By consolidating its models within the single platform, the company aims to improve run times, and strengthen controls and support more consistent and transparent results across the life insurance portfolio.