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 2.0 of its Claim Variability BenchmarksTM (CVB), an insurtech solution that helps property and casualty (P&C) insurers increase efficiencies and provides richer analysis in the face of regulatory and economic change such as reserve range and cash flow requirements, Solvency II, and International Financial Reporting Standard (IFRS) 17.
As part of the firm’s family of state-of-the-art actuarial reserve analysis systems, this release of CVB adds new industry benchmarks for claim frequency, severity, and loss development patterns for all major P&C insurance coverages, helping actuaries better model and understand their claim costs. Additional benchmarks are provided to help measure the correlations of experience among various lines of business. The new system also adds both Mack and Merz- Wüthrich distributions to aid insurers working with Solvency II and IFRS 17 reporting.
In addition, the new release provides a free version so that all actuaries can easily evaluate these important benchmarking tools.
Our CVB solution is specifically designed to help our clients, and insurers of all sizes, better understand their data and compare their trends and results to industry benchmarks. This release provides a number of new and sophisticated calculations, so actuaries can gain more confidence in their estimates and focus on the areas where their substantial expertise can provide the most value to their organizations, especially important in this time of pandemic-based industry disruption.
To learn more about Milliman’s Claim Variability Benchmarks, click here.
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.
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 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 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.
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