Milliman announced today that it has released version 2.8 of Arius®, its state-of-the-art loss-reserving system for property and casualty insurers. This is the 10th major release of new functionality since Arius’s introduction three years ago, and an 11th release of new features is planned for fall 2016. This latest update focuses on usability and project structure, allowing actuaries to build multilayered and interrelated analyses to more realistically reflect the complex nature of today’s insurers.
Milliman does reserve analysis very much like our clients, under similar time constraints and quality standards. We understand that in addition to actuarial or statistical functionality, sometimes the best way we can help our clients is by improving the processes and approaches to their analyses. Our latest release of Arius demonstrates Milliman’s continued commitment to providing the best solutions to enhance the efficiency of our clients’ work.
With this release, Arius adds a number of capabilities:
• Reserving projects can now include multiple reserving segments that are interrelated, including segments completely or partially derived from other segments in the project—for example, for summarizing regions, sublines, or coverages.
• New reserving segments can be easily created from existing segments in the same project file, while preserving the original’s selections and other items of actuarial judgment.
• Notes are now available throughout the system to allow users to document their work at the point that specific decisions are made.
• Additional flexibility is now available in setting up interim projects that require more advanced interpolation capabilities, to more realistically address insurance contracts based on accident, policy, report, and underwriting periods.
• The system’s stochastic models are updated with the latest yield curve tables for Swiss Solvency Test and European Insurance and Occupational Pensions Authority (EIOPA) risk-free rate term structures. Both sets of curves reflect multiple currencies.
To learn more about Arius, click here.