September 24, 2008 -
Enabling stochastic simulation of static methodologies, Reserve Variability Model v1.3 helps risk bearing organizations evaluate potential variability in their loss and claim estimates. It offers simulation capabilities based on Cape Cod and Bornhuetter-Ferguson approaches, as well as capabilities for weighting of paid and incurred development simulations. Functionality also supports residual calculations as well as diagnostic-driven assumption checking and model parameter adjustment.
(Archive News Story - Products mentioned in this Archive News Story may or may not be available from the manufacturer.)
Milliman Releases P&C Reserve Variability Model Version 1.3
Industry Leader Provides Advanced Solutions to Help Insurers Model Risk
SEATTLE, Sept. 15 -- Milliman, Inc., the international firm of consultants and actuaries, announced today that it has released the newest version of its casualty insurance reserve variability modeling software. Reserve Variability Model Version 1.3 makes possible the stochastic simulation of older static methodologies that actuaries have relied upon for years. Major enhancements to the market leading software solution include:
-- New simulation capabilities based on popular Cape Cod and Bornhuetter-Ferguson approaches
-- Weighting of paid and incurred development simulations together with results from the new Cape Cod and Bornhuetter-Ferguson approaches
-- Powerful new diagnostics to help users check their assumptions and adjust model parameters, resulting in more realistic models of their data
-- Enhanced residual calculations, giving users a more statistically sound simulation process
-- The ability to roll up a number of analyses and estimate a final company-wide distribution of possible outcomes, providing valuable enterprise risk management benefits without the extra work
-- A new technical architecture for splitting and queuing simulation jobs among multiple servers and processors, providing as much as a ten-fold increase in the system's already fast processing time
Ken Scalf, Property & Casualty Software Products Manager noted, "The latest release of our solution continues our commitment to help insurers who want to fully understand the risk and exposure they have in their estimates, while still striving to add efficiency to their daily work."
Milliman's Reserve Variability Model is used by casualty insurers and other risk bearing organizations to help evaluate the potential variability in their loss and claim estimates. Expanding on industry standard bootstrap simulation techniques, the system allows actuaries and analysts to easily model the variability in their loss estimates, and to understand and demonstrate the potential risks inherent in their reserve estimates. A number of diagnostics and statistical techniques provide more realistic estimates than are available with traditional spreadsheet approaches. The system is uniquely positioned to help actuaries address the increasing pressure from rating and regulatory agencies to provide a more statistical basis for reserve estimates.
About Milliman
Milliman is among the world's largest independent actuarial and consulting firms. Founded in Seattle in 1947 as Milliman & Robertson, the company currently has 48 offices in key locations worldwide. Milliman employs over two thousand people, with a professional staff of more than a thousand qualified consultants and actuaries, including specialists ranging from clinicians to economists. The firm has consulting practices in healthcare, employee benefits, property & casualty insurance, life insurance and financial services. Milliman serves the full spectrum of business, financial, government, union, education and nonprofit organizations. For further information, visit www.milliman.com.
CONTACT: Ken Scalf, Milliman, Inc., +1-404-254-6705, Ken.Scalf@milliman.com
Contacts:
General Information:
Ken Scalf Property & Casualty Software Products Manager
USA
Phone: 404-254-6705 E-mail this person Company Information: Name: Milliman Address: 1301 Fifth Avenue, Suite 3800 City: Seattle State: WA ZIP: 98101-2605 Country: USA Phone: 206-624-7940 http://www.milliman.com
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