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 announced today that it has released version 2020b 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 capabilities, together with key additions to the reporting and data management tools.
This release adds new generalized linear modeling (GLM) capabilities to help actuaries better model and understand their claim costs. GLM tools can be especially valuable when analyzing periods of inflationary pressure on the claim process or significant changes in claim handling within a company or throughout the industry.
In addition, the new release of Arius Enterprise®—Milliman’s reserving solution designed specifically for larger insurers and self-insureds—helps actuaries analyze results at one level of detail and then report on them at different levels. The system’s new allocation tools more reliably and efficiently perform the summary and reporting work that is typically accomplished using riskier spreadsheets.
Our Arius solutions are specifically designed to help our clients better understand and account for the complexities in their business. This release provides a number of new tools to help actuaries with sophisticated calculations, as well as data and report management, so they can focus on the areas where their substantial expertise can provide the most value to their organizations.
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.
Today’s actuaries routinely have too much data to analyze. And many insurance organizations have become so complex that managers can’t be sure that loss reserves are adequate and reasonable, especially under ever-tightening deadlines.
Arius Enterprise is a complete software solution that streamlines your entire P&C loss analysis process. It provides immediate access to all your data from throughout the company; the industry’s best tools for analyzing and reporting on your results; and systems to automate much of the mundane work throughout the entire loss reserving process. You get analyses that are efficient, consistent, and accurate. You can be more confident in your results and add more value to your organization.
Milliman has announced the release of Arius® Enterprise, the next generation of advanced analytics software for loss reserving for the insurance and reinsurance industry. Arius Enterprise is part of Milliman’s Arius family of solutions and relies on the industry-leading Arius software to provide the analysis and modeling tools that today’s sophisticated actuarial departments have come to depend on to keep their business ahead of the competition.
The release of Arius Enterprise specifically addresses challenges facing actuarial departments in mid-to-large insurance companies, including process inefficiencies, data management, workflow, reporting, and compliance. Key features of Arius Enterprise include:
• Easy access to data using Microsoft’s secure cloud-based Azure platform
• A centralized database that stores, shares, and manages data for accurate and effective analysis
• Automated tasks throughout the reserving cycle, including automatic roll-forwards
• Proper internal controls and tracking of all user activity through audit trails
• Consolidated reporting together with executive-level dashboards and exhibits generated in Microsoft Power BI, promoting greater transparency and more informed decision-making for both analysts and other stakeholders
As the insurance industry faces disruption from evolving technology, our goal is to provide a cloud-based solution that will streamline companies’ reserving processes and create much needed efficiencies. With Arius Enterprise, we have an InsurTech system that provides consistency, reliability, and control, so that actuaries can focus their time where it’s most needed.
Required cookies help make a website usable by enabling basic functions like page navigation and access to secure areas of the website. The website cannot function properly without these cookies.
Analytics & Performance Cookies
Analytics cookies are used to collect information about how visitors use our site. The information gathered does not identify any individual visitor and is aggregated. It includes the number of visitors to our site, the sites that referred them to our site and the pages that they visited on our site. We use this information to help operate our site more efficiently, to gather broad demographic information and to monitor the level of activity on our site. Performance cookies are used to enhance the performance and functionality of our services but are non-essential to their use. However, without these cookies, certain functionality like videos may become unavailable.
These cookies are used when you share information using a social media sharing button or “like” button on our sites or you link your account or engage with our content on or through a social networking site such as Facebook, Twitter or Google+. The social network will record that you have done this. This information may be linked to targeting/ advertising activities.