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Aon’s platform PathWise implemented by South Korea’s Kyobo Life

AonLondon-based global professional services firm Aon, a provider of risk, retirement and health solutions, announced the implementation of its PathWise high-performance computing platform by South Korea’s life insurance company Kyobo Life in preparation for the IFRS 17 and K-ICS financial reporting regimes.

Kyobo Life’s actuarial infrastructure team leader Kim Yeon Jung articulated, “Accurately analyzing financial effects and establishing strategies under the new regulations requires a lot of computations, and so we needed high-performance computing software for such difficult workloads. In addition, change management and system control functions for complex models and large amounts of data are necessary too. PathWise’s high performance ensured the necessary speed for computations, along with flexibility and stability for ease of management under new regulations such as IFRS 17 and K-ICS.”

The insurance firm has embedded PathWise as its all-in-one financial risk management platform to fulfil a range of tasks, including assumption management, economic scenario generation (ESG), asset-liability management (ALM), hedging, and K-IFRS, IFRS 17, and K-ICS reporting.

Peter Phillips, President & CEO, PathWise Solutions Group enunciated, “Being able to perform complex calculations at such speeds offers PathWise clients clear efficiency gains, which can translate into real cost savings for their businesses. As more companies realize they need to carefully consider their approaches to regimes such as IFRS 17 and K-ICS, and also want the benefit of a single platform for their financial reporting, PathWise can step-in and help them to overcome their challenges.”

The platform of Aon – PathWise, utilises the parallel processing power of graphical processing units (GPUs), which contain thousands of processing cores each to simultaneously produce huge volumes of scenarios and handle policy-by-policy basis calculations without using approximations or shortcuts such as scenario reduction, curve fitting, and policy grouping.

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