CICI Prudential Life Insurance Company Limited, one of India’s leading private life insurance companies, has agreed to enter into a strategic collaboration to implement Aon’s high-performance modeling platform PathWise in its actuarial modeling domain.
The implementation of Aon’s PathWise solution, a high-performance, GPU-enabled modeling platform within its life risk modeling suite, will enable ICICI Prudential Life Insurance Company to seamlessly develop and run all its actuarial models across regulatory and reporting regimes.
Aon explained: “Deploying PathWise has provided ICICI Prudential Life Insurance Company’s actuarial team with intuitive model development tools and a high-performance computing environment to support its actuarial modeling process, with an initial focus on Indian Risk-Based Capital Framework (IRBCF) and IFRS 17 (Ind-AS) reporting. By consolidating its models into a single PathWise platform, the company aimed to reduce runtimes, which have proven to be significantly faster and more scalable.”
PathWise will also enhance control and deliver more consistent, transparent results over ICICI Prudential Life Insurance Company’s life insurance portfolio, allowing it to focus on long-term strategic priorities in the fast-growing and dynamic Indian life insurance market.
Aon and ICICI Prudential Life Insurance are also working together to develop a clear roadmap to gradually expand the use of the PathWise platform across the entire business portfolio.
Van Beach, Global Head, Aon Life Solutions, commented: “This partnership not only provides the opportunity to work with an experienced and leading company like ICICI Prudential Life Insurance, but also plays a role in driving the rapid growth of the Indian life insurance market.
“We’ve seen how advances in technology benefit companies in many different industries around the world, and with PathWise, we’re demonstrating the same benefits to the life insurance market.”
Souvik Jash, Chief and Designated Actuary, ICICI Prudential Life Insurance said: “It has been a pleasure working with Aon and we are confident that PathWise will help us increase speed and efficiency in the Indian market while meeting changing regulatory requirements. We expect our collaboration to continue to strengthen as this market continues to evolve.”