Global consulting and actuarial firm Milliman has released version 2020b of its Arius solution, a family of reserve analysis systems for property and casualty re/insurers.
The update provides enhancements to the systems’ analytical capabilities, together with new additions to the reporting and data management tools.
According to Milliman, this release adds new generalized linear modelling (GLM) capabilities to help actuaries better model and understand claim costs.
In addition, the company has made a new release for Arius Enterprise, its reserving solution designed specifically for larger insurers and self-insureds.
The system’s new allocation tools are designed to more 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,” said Ken Scalf, reserving products manager at Milliman.
“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 organization.”
The Arius solution set includes Arius Deterministic, Arius Stochastic, Triangles on Demand, and Arius Enterprise.
Arius Deterministic and Stochastic are self-contained reserve analysis systems that aim to eliminate the potential spreadsheet risk in tools developed in-house by many insurance actuarial teams.
