Cloud computing to boost insurers' efficiency: Towers Watson
Towers Watson has launched the cloud computing service MoSes Azure, which the professional services firm claims will help insurers operate their analytical models more efficiently.
According to Towers Watson global life software product manager Todd Erkis, most life insurers go through cycles of heavy computer use at year-end and quarter-end.
"Insurers must decide on the appropriate level of investment for in-house computing resources. Should they invest in maximum capacity to handle peak demand, knowing they'll have idle capacity during off-peak periods?" he asked.
On the other hand, if insurers invest to support the typical demand for computing resources, they face the prospect of suffering capacity constraints during peak demand, Erkis said.
Under the MoSes Azure framework, insurers can distribute their financial analytics between in-house resources (the MoSes HPC component) and the cloud (Azure), said Erkis.
The Towers Watson solution utilises the security features of Windows Azure Cloud Services, "giving users confidence that their data is safely guarded during transmission, storage and processing in the cloud", according to the company.
Microsoft Corporation managing director for worldwide insurance, Tony Jacob, said Microsoft's infrastructure would allow the MoSes Azure solution to run "more models more often and for greater resulting accuracy".
"This should be exciting for insurers that are looking at their quarterly and annual reporting needs, or are responding to the requirements of regulatory changes," said Jacob.
"[Insurers] now can benefit from the great work that Towers Watson has done to leverage the massive scalability, flexibility, security and resilience of a Microsoft cloud-based grid," he added.
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