Brokerage giant Willis Towers Watson has improved its financial modeling platform called Igloo, releasing a significant update which takes advantage of the latest software technologies.
Key enhancements of Igloo 5 include “greatly improved” model runtime; readiness for use-based licensing and full implementation in the cloud; high level of compatibility with past versions; and being a full 64-bit application. Fully backwards compatible with existing client models and investment, the capital modeling platform is capable of supporting models of any size and any number of simulations.
“Early indications of performance are very exciting, with models running many, many times faster than earlier versions,” noted Rob Collinson, global leader for capital modeling at Willis Towers Watson. “What is really key, however, is that Igloo can now be deployed in the cloud with a new licensing framework, which can materially reduce the overall cost of ownership.”
According to the brokerage, Igloo 5 offers flexibility not only in terms of implementation – either locally, using the cloud, or a combination – but also when it comes to licensing, with users only paying for what is used even with unlimited processing licences. Willis Towers Watson said this allows either scaling up when there’s demand or reducing to minimum levels during a lull.
“We recognise and respect the investment in Igloo made by our clients over the years,” added Collinson. “Our development plan always seeks to ensure that we adopt the very best of emerging technology to provide step change performance improvements while being sure that existing client models continue to perform well.”
The Igloo 5 release is part of the Igloo Next Generation project, which aims to reengineer the platform amid modern computing developments.
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