IBM has announced a new grid offering to assist life insurance clients decrease the time needed to run complex insurance model scenarios, which in turn should help manage risk and increase profitability.
Called IBM Grid and Grow for Actuarial Analysis, and powered by IBM’s BladeCenter systems, the solution enables actuaries to run more calculations, receive results quicker and tune their models to improve accuracy. This helps meet regulatory compliance and increasing reporting demands.
With grid computing, infrastructures are faster and more resilient, automatically circumventing hardware failures or capacity issues to ensure complex queries complete in an accelerated fashion, said Ken King, VP of grid computing at IBM.
The Actuarial Analysis suite is comprised of hardware, software and services leveraging grid ISV, including DFA Capital Management’s Advise and GGY’s Axis, as well as middleware from IBM business partners DataSynapse and Platform Computing.
An internal IBM survey of customers using IBM grid solutions for the insurance industry showed as much as a 75% reduction in time spent manually scheduling jobs and a 97% reduction in job processing time.
The IBM Grid and Grow for Actuarial Analysis offering is available now.