The reason this doesn't work is because there is no simulator model. You can see in the error log that none of the pins exist. You said you downloded this part recently from the internet. This is fine, but when downloading parts from the internet, it doesn't include the SPICE model.
If you want this to work, you have 2 options. You can either use one of the 555 models already built in to proteus, or you can edit this part so it will simulate. The question is why did you download this model when Proteus has 555 timers built in? The ICM7555 is pretty much idential to the LM555, NE555 and so on. They are the same part, but from different manufacturers, so there isn't any need to have the specific part number for simulation.
So, your 2 options are:
Option 1 - Use a different part that has the SPICE model for your simulations.
Option 2 - Edit this current part to make it simulate.
For option 2, it is a bit long winded, but you will need to right-click the part, and go to properties. Tick the box that says 'Attach hierarchy module' then click OK. You then right-click again and select 'Goto Child Sheet'. In here you can edit how the part works. So you just need to find a pre-existing 555 timer in the parts list and place it in there. You then go to the left hand menu and select the 'Device Terminals'. Now you simply place the inputs/outputs and attach them to the relevant pins and rename them to their names on the schematic part.
You can then exit the child sheet by right clicking anywhere and selecting 'Exit to Parent Sheet'.
As you can see, option 1 is much, much easier.