ICICI Prudential Life Insurance has agreed a strategic collaboration with Aon to implement PathWise across its actuarial modelling landscape to help meet evolving capital and reporting requirements in India.

PathWise is a GPU-based modelling platform within Aon’s Life Risk Modelling Suite. The platform aims to allow the insurer to develop actuarial models “across regulatory and reporting regimes”, with the two firms working on a roadmap to extend PathWise’s use to cover ICICI Prudential Life’s entire business portfolio.

The initial focus will be on the Indian Risk Based Capital Framework (IRBCF) and IFRS 17 (Ind-AS) reporting, supported by model development tools and a high-performance computing environment, according to the statement issued on 3 February.

By consolidating models on a single platform, ICICI Prudential Life aims to improve run times, scalability and controls, while producing more consistent and transparent results across its life portfolio. The press release also pointed to large-scale, high-granularity projections to meet reporting timelines, improved ability to handle complex actuarial modelling, and operational efficiency gains.

”This collaboration represents not only an opportunity to work with an experienced, leading company such as ICICI Prudential Life Insurance, but also to play a part in driving rapid growth in India’s life insurance market,” Van Beach, Aon’s global head of Life Solutions, said.

Souvik Jash, chief and appointed actuary of ICICI Prudential Life Insurance, said: “It has been great to work with Aon, and we believe PathWise will help us to increase our speed and efficiency in the Indian marketplace, while meeting evolving regulations.”