As presented at the Casualty Loss Reserve Seminar in Boston, global consulting and actuarial firm Milliman Inc. announced last week that it has released version 2.0 of Arius, its loss reserving system for property/casualty insurers.
This release offers a comprehensive suite of deterministic and stochastic actuarial projection methods, making Arius the most complete reserving system for the global P/C insurance market, Milliman contends.
According to Milliman, Arius is a self-contained solution that eliminates the potential spreadsheet risk inherent in tools developed by many in-house reserving teams. The system provides a full array of exhibits, methods and reports as well as the ability to build custom analyses to address unique or special circumstances.
By combining new diagnostic tools and dashboards with the system’s modeling capabilities, actuaries can now derive central estimates of their unpaid claim liabilities as well as the potential variability in those estimates.
The graphs and exhibits built into Arius allow analysts to better understand and explain the nature of that variability to other stakeholders and followers of the organization, such as boards, rating agencies and regulators, promoting greater transparency and more informed decision making.
“This latest release of our solution demonstrates Milliman’s continued commitment to develop powerful and flexible products that are also easy to use,” noted Ken Scalf, P/C software products manager, in a statement. “Our goal is to always provide the expertise and flexibility that today’s sophisticated insurers need to satisfy their financial reporting needs.”
In addition to customizing reports and exhibits, users can modify Arius’ entire workflow to mirror the approach taken by a specific analyst, or to directly support the workflow of an entire department.
The system’s extensive use of the latest technology allows it to be quickly enhanced whenever necessary. Arius can address the full spectrum of regulatory changes, including IFRS and Solvency II requirements, as those changes go into effect.