Milliman Inc. announced today a new version of Arius, its loss reserving system for P&C insurers.
The provider says the release is a comprehensive suite of deterministic and stochastic actuarial projection methods. By combining new diagnostic tools and dashboards with the system's modeling capabilities, Version 2.0 is designed to give actuaries the ability to derive central estimates of their unpaid claim liabilities as well as the potential variability in those estimates.
The graphs and exhibits built into Arius, according to Milliman, allow analysts to better understand and explain the nature of that variability to other stakeholders and followers of the organization, such as boards, rating agencies and regulators, promoting greater transparency.
In addition to customizing reports and exhibits, users can reportedly modify Arius' entire workflow to mirror the approach taken by a specific analyst, or to directly support the workflow of an entire department.
The system's is also designed to be updated as needed. Arius addresses the requirements of International Financial Reporting Standards (IFRS) and Solvency II, as those changes go into effect.
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