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.
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.
As previewed at last month’s Casualty Loss Reserve Seminar in San Diego, Milliman, Inc., a premier global consulting and actuarial firm, announced today that it has released version 2.4 of Arius, its state-of-the-art loss reserving system for property & casualty insurers. This latest release offers significant enhancements in the areas of advanced reporting and sophisticated analysis.
Ken Scalf, Property & Casualty Software Products Manager noted, “Being in the business, we understand that actuaries are under increasing pressure to provide a wide range of information regarding the company’s losses and reserves, satisfying a variety of stakeholders in the business, and often under very tight time frames. 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, including the following:
• New cash flow reports that help derive discounted reserves for Solvency II and International Financial Reporting Standards (IFRS) reporting, while also supporting planning and other regulatory requirements.
• Additional features that automatically interpolate and prorate results when performing analyses at interim periods, eliminating the manual adjustments required when using other reserving systems.
• Enhancements to the application programming interface (API) to directly connect Arius data and exhibits to Excel, allowing analysts to use the most appropriate tools for each part of their work, while at the same time reducing spreadsheet risk.
• The ability to import key external and industry data onto the system’s exhibits to aid in benchmarking and other comparative analyses.
For more information about Arius, click here.