Managing Insurance Accounting on the Cloud... Heungkuk Life Insurance Introduces Industry-First Solution

Introduction of AON's Passwise in England

Heungkuk Life Insurance is the first in the industry to introduce a cloud-based insurance accounting management solution.

Heungkuk Life Insurance, a financial affiliate of the Taekwang Group, announced on the 3rd that it has adopted 'PathWise,' a cloud-based integrated actuarial management solution from the UK company Aon.

The Aon PathWise solution is a Software as a Service (SaaS) cloud-based actuarial management service. It provides a single platform for comprehensive financial and risk management, including real-time risk and asset-liability management (ALM) monitoring using GPU-based high-performance computing, ESG (Environmental, Social, and Governance) scenarios, IFRS17 settlement, the new solvency regime (K-ICS), and hedging.

Heungkuk Life Insurance stated that after piloting the service since March, the efficiency of calculating and analyzing fair value liabilities under the new accounting standards has improved. They also confirmed that real-time monitoring of financial market volatility for variable insurance hedging reduced the profit and loss and capital volatility of hedged stock prices and interest rates by 96-99% (hedge effectiveness).

A Heungkuk Life Insurance official said, "By being the first in the domestic industry to introduce a cloud-based actuarial solution, we have secured the speed, flexibility, and stability essential for risk management under the new accounting standards." They added, "We plan to utilize it for various tasks such as financial effect analysis, risk monitoring, and variable product development in the future."

This content was produced with the assistance of AI translation services.