Barnett Waddingham invests in technology with purchase of ANNalytica™

Barnett Waddingham purchases ANNalytica^TM to enhance the software solutions suite it offers to the insurance industry.

ANNalytica^TM is a visualisation and reporting platform used for analysing the output of stochastic models. The software helps turn complex information into visually engaging outputs and seeks to automate many of the time consuming elements of model review.

These visual outputs can be produced easily, quickly, accurately and at low cost. In turn, this frees up critical actuarial resource to focus on gaining deeper insights and understanding of the business, increased engagement with the business, and encourages more effective communication.

Previously created and owned by ANN Consulting, the software is now fully owned by Barnett Waddingham.

Scott Eason, Head of Insurance at Barnett Waddingham, said: “We recognise the challenges facing the insurance market regarding the accurate interpretation and communication of complex stochastic models, and the importance of visualisation in this context.

We are consistently faced with the challenge of supporting our clients in engaging their numerous stakeholders who are typically interested in different parts of the modelling and results. In ANNalytica^TM, we have a complete solution which helps insurance companies deliver on this need in an efficient, robust and effective way.

We have invested in this technology to allow us to provide a complete model validation and model review service as well as enabling our clients to benefit from it themselves for more efficient and engaging in-house discussions.”