ICICI rolls out Aon’s PathWise to tackle stricter capital rules

Firm consolidates actuarial tools to meet regulatory and performance demands.

Aon and ICICI Prudential Life Insurance Company has partnered to deploy its PathWise actuarial modelling platform across the insurer’s operations.

Under the agreement, ICICI Prudential Life Insurance will use Aon’s PathWise platform to develop and manage its actuarial models across regulatory and reporting frameworks. 

The two companies are also working on a roadmap to gradually extend the platform’s use across ICICI Prudential Life’s full business portfolio.

The initial focus of the implementation will be on India’s Risk-Based Capital Framework and IFRS 17 (Ind-AS) reporting. 

PathWise will provide the insurer’s actuarial team with a high-performance computing environment and model development tools to support large-scale and complex actuarial calculations.

By consolidating its actuarial models onto a single platform, ICICI Prudential Life Insurance aims to improve model run times and scalability, as well as strengthen controls and improve consistency and transparency in results across its life insurance portfolio.