(Seattle, home of Milliman. Photo credit: Rattlehed.)
Milliman, the Seattle-based actuarial and consulting firm, has released version 2.7 of the Arius loss reserving system for P&C insurers. The new release offers enhanced graphics and new actual vs expected diagnostic tools, which the vendor says allow 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, comments Ken Scalf, Property & Casualty Software Products Manager. “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.”
Milliman describes new capabilities added to Arius as follows:
- 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 Arius’ calculation and data management capabilities with Excel’s flexibility.