WTW (NASDAQ: WTW) announced the launch of a new version of its Geospatial Mortality Model (GMM) aimed at the U.S. pension risk transfer (PRT) market, making the tool available to insurers and reinsurers for pricing and managing longevity risk.

The model was previously used by U.S. pension plan sponsors to set longevity assumptions. WTW said it is now being extended to help insurers with PRT pricing, asset-liability management, and longevity risk assessment.

According to the company, the GMM was trained on nearly four million life-years of mortality data, including post-COVID experience through 2024. The model was developed by evaluating more than 200 socioeconomic factors to identify health, wealth, and lifestyle variables associated with life expectancy. It incorporates geographic data, socioeconomic indicators, and participant-specific pension data.

Karen Grote, Managing Director and North American Life Division Leader, Insurance Consulting and Technology at WTW, said: "For insurers, accurate mortality assumptions are foundational to pricing and risk management. By making this proven model available to the insurance community, we're giving PRT writers a powerful new way to sharpen pricing, enhance longevity risk management, and compete with greater confidence."

Beth Ashmore, Senior Managing Director, Retirement at WTW, said: "GMM has already provided pension plan sponsors better insights into their plans' unique longevity and we're excited to bring this enhanced capability to the insurance market."