Source: Barrie & Hibbert
The Liverpool Victoria Friendly Society is to enhance its financial modelling and risk management processes by licensing the Economic Scenario Generator (ESG) financial modelling software developed by financial risk consultancy, Barrie & Hibbert.
The ESG is increasingly used by major international financial services organisations serving the insurance, investment, pensions and savings sectors. Barrie & Hibbert's market leading modelling and consulting services are now in increasing demand as the sector's appetite for rigorous market risk measurement tools and management advice has developed. The ESG is already used by around two thirds of major UK insurers as part of their regulatory capital calculations.
Liverpool Victoria's Group Actuary, Ian Blanchard, said: "The ESG model is a market-leading product which addresses our needs. The model's flexibility and robustness contributes to enabling Liverpool Victoria to comply with the increasingly complex regulations of the Life Assurance industry. These characteristics combined with the model's intuitive interface enable us to manage more effectively the £8bn of our members' assets."
Barrie & Hibbert Chief Executive, Andrew Barrie, said: "The risk management questions now being asked in the insurance market are very different from those of a few years ago. In particular, there is more focus on the size and nature of the risks created and how they impact different stakeholders. The tools needed to answer these questions require an appropriate level of sophistication and granularity. We believe our ESG model helps insurance firms and their advisers reach more measured and robust decisions for optimal management.