(Seattle’s Great Wheel. Photo credit: James Pressley.)
Milliman, Inc., the Seattle-based global consulting and actuarial firm, has released Arius Enterprise, which the vendor characterizes as the next generation of advanced analytics software for loss reserving for the insurance and reinsurance industry. The cloud-based solution is part of Milliman’s Arius family of products and relies on the Arius analysis and modeling tools.
Through the release of Arius Enterprise, Milliman says it has specifically addressed 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, by the vendor’s description:
- 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; and
- 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,” comments Ken Scalf, product leader, property and casualty reserving software, Milliman. “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.”
The Arius solution set that the new offering belongs to includes Arius Deterministic, Arius Stochastic, Triangles on Demand, and Arius Enterprise. Milliman describes Arius Deterministic and Stochastic as self-contained reserve analysis systems that eliminate the potential spreadsheet risk inherent in tools developed in-house by many insurance actuarial teams. Triangles on Demand (ToD) uses current cloud technology to instantly aggregate millions of records of loss and claim data on the fly for analysis in Arius, the vendor says. Milliman asserts that Arius Enterprise combines the Arius analysis solutions and ToD with sophisticated project, user, and reporting management solutions to address the added efficiency and reliability requirements of sophisticated reserving departments.