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.
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.
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.
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