Milliman announced today that it has released the latest version of its Arius® solutions, a family of state-of-the-art reserve analysis systems for property and casualty insurers. This update provides significant enhancements to the systems’ analytical, reporting, and data management tools.
This release provides expanded cash flow analysis and reporting to help actuaries and insurance analysts more easily address IFRS 17, Solvency II, and other management requirements. It also provides enhanced interpolation and extrapolation capabilities so that actuaries can take full advantage of valuable historical and industry data.
In addition, the new release of Arius Enterprise® – Milliman’s reserving solution designed specifically for larger insurers and self-insureds – now takes advantage of Microsoft’s Azure Data Explorer (ADX) for high-performance processing of very large datasets. ADX is a new Azure-based database technology that provides significant performance improvements over traditional technologies for the vast amounts of data available to insurers. With ADX, Arius can execute complex data queries up to 30 times faster than traditional database solutions, aggregating large volumes of claims data – even billions of records – without incurring performance costs.
Our clients are continually finding additional ways that Arius can improve the efficiency and reliability of their overall reserving process. These latest enhancements in analysis, reporting, and data handling will allow actuaries to analyze their results in more detail and provide richer reporting and more informed management decision-making.
Milliman is pleased to announce that the firm has won three 2020 InsuranceERM Americas Awards for its insurtech products and risk consulting services. The goal of the IERM Americas Awards is to highlight enterprise risk management leaders in the Americas.
In the technology category, Milliman’s Nodal™ was named “Analytics Solution of the Year” while Milliman’s Arius Enterprise® won “Cloud Technology of the Year.” Awards in these categories recognize insurtech solutions that enable strategic decision-making and provide risk insights that can improve efficiency and operations for (re)insurers. For instance Nodal, Milliman’s predictive modelling platform for early claim intervention, uses machine learning to comb through unstructured data and identify high-risk claims, and has helped clients reduce claims severity by 15% and overall losses by 41%. Meanwhile, Milliman’s Arius, one of the industry’s most comprehensive reserve analysis solutions, has saved clients hundreds of hours per year while simultaneously improving analyses and governance over data and processes.
Milliman was also recognized with a 2020 InsuranceERM Americas Award for its risk consulting services, with three members of the firm’s Chicago Life ERM practice taking home “Risk Team of the Year.” Anthony Dardis, Ariel Weis, and Chloe Lau have, combined, over 60 years’ experience on both the assets and liabilities sides of life insurance, and are well-known for their benchmarking capabilities and “practical-first” approach to risk management.
“Transformation in the insurance industry begins by leveraging new technologies in conjunction with the latest data and expert analysis, three areas in which Milliman excels,” says Milliman President and CEO Steve White. “Managing complex risks requires both the best expertise and the most innovative tools, so we feel gratified to have won IERM Americas Awards for both our risk consulting and technology solutions.”
For more information on Milliman’s insurtech products, including Nodal and Arius, click here. For more information on Milliman’s enterprise risk management solutions, click here.
Milliman has announced that Arius®, Milliman’s advanced analytics loss reserving software for insurers and reinsurers, was named “Best reserving solution” in the 2017 InsuranceERM awards. Senior industry experts from across Europe and the UK served as judges for the award.
The recognition comes as Milliman launches Arius 3.0, which provides significant enhancements to the software’s automation capabilities, together with key additions to its reporting tools. This is the 13th major release of new functionality since Arius’s introduction four years ago.
“Our goal with Arius is to provide an InsurTech solution that will increase efficiency and streamline insurance companies’ reserving processes,” said Ken Scalf, Property & Casualty Software Products Manager at Milliman, “and we’re thrilled it’s being recognized as ‘Best reserving solution’ by InsuranceERM. Arius provides much-needed reliability and efficiency in this era of increased industry disruption.”
In addition to the industry’s leading desktop loss analysis toolset, Arius 3.0 debuts as the centerpiece of Milliman’s just-released Arius Enterprise solution. The new Enterprise system provides reserving departments with cloud-based centralized data, department-wide project management, automation, governance tools, and sophisticated reporting and data visualization. Arius Enterprise, which runs on the Microsoft Azure platform, specifically addresses the challenges faced by mid- to large-sized insurance companies.
Milliman has released version 2.9 of Arius®, its state-of-the-art loss reserving system for property and casualty insurers. This is the 11th major release of new functionality since Arius’s introduction three years ago. This update provides significant enhancements to the system’s graphing capabilities, giving actuaries a number of new analytical capabilities.
Our clients are always looking for new and better ways to see what’s going on in their data, to understand what’s driving the changes, and to explain their thoughts and findings to other senior business leaders. The enhanced graphical analysis tools in Arius address all these challenges. They give actuaries new solutions to help visualize trends, interactions, and relationships in clearer and more explanatory ways.
In addition to the expanded graphs themselves, this release also updates the system’s workflow to help users more easily incorporate graphics into their analytic processes, enhancing new analyses and updating existing ones.
To learn more about Arius, click here.
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.
Milliman announced today that it has released version 2.7 of Arius, its state-of-the-art loss reserving system for property and casualty insurers. This latest release, which was previewed at last month’s Casualty Loss Reserve Seminar in Atlanta, offers enhanced graphics and new actual vs. expected diagnostic tools, allowing actuaries to more effectively focus their efforts and expertise, possibly identifying changes or patterns in the insurer’s data, spotting and addressing issues and opportunities more quickly, and making more informed business decisions.
Because we are reserving experts ourselves, we understand that actuaries must often complete complex analyses under tight time constraints. Our clients need tools that help them quickly measure and assess where to focus their precious time, and to help understand what approaches have been most effective in solving analytical challenges in the past. Our latest release demonstrates Milliman’s continued commitment to developing the best available solutions to enhance the efficiency of our clients’ work.
With this release, Arius adds a number of capabilities:
• Additional graphics provide users an easier way to observe patterns in the data and to incorporate professional data visualizations in their dashboards and reports.
• Automatic generation of actual vs. expected reports offer an efficient diagnostic tool for testing the reasonableness of prior assumptions and the performance of various methods, allowing for continuous improvement in the actuarial process.
• New application programming interface (API) samples help users more efficiently automate parts of their analysis using Visual Basic from within Excel. This is especially helpful when addressing special demands by combining the calculation and data management capabilities of Arius with Excel’s flexibility.