Milliman launches InsurTech solution for re/insurers loss reserving
In Action Summary
Millman Inc,an international consulting and actuarial firm have announced the launch of an advanced analytics software called Arius Enterprise. The software assists loss reserving in the insurance and reinsurance sector. As a cloud-based, this offering solution which helps in streamlining and improving the efficiency of actuarial reserving departments.
The new solution is part of the Arius family of solutions which provides the analysis and modelling tools for actuarial teams. The solution was named as “Best reserving solution” in the 2017 Insurance ERM awards.
Arius Enterprise seeks to address challenges facing actuarial divisions in mid-to-large insurance and reinsurance companies. The new solution includes easy access to data using Microsoft’s secure cloud-based Azure platform. The solution also provides a centralized database that stores, shares, and manages data for accurate and effective analysis, automates tasks throughout the reserving cycle, including automatic roll-forwards, proper internal controls and tracking of all user activity through audit trails, and consolidated reporting together with executive-level dashboards.
Arius is easy to use, reliable, flexible, and supported by Millman’s team
The power of the solution allows the users to :
– See beyond traditional reserve point estimates
– Review more of business, with increased efficiency and reliably
– Provide better management information for informed business decisions.
– Allocate capital along lines of business and profit centers.
– Evaluate future investment opportunities.
Ultimately this tool from Milliman promotes greater transparency and more informed decision-making for both analysts and other stakeholders.