General description of system
ICRFS-PLUS, a long-tail liability enterprise risk management system, is the key to an innovative paradigm for measuring and managing long-tail liability risks in an integrated relational database.
Functions performed
It is the first and leading probabilistic software for loss reserving; with applications to pricing, risk-based capital calculations, creative reinsurance solutions, and modelling of relationships between lines of business, segments and layers that is critical to economic capital determination, capital allocation, dynamic financial analysis (DFA) and supporting Solvency II and IFRS metrics.
Specific Solvency II features
ICRFS-PLUS is the only long-tail liability enterprise risk management system in the world that affords the unique benefits of efficiency, flexibility and innovation in supporting Solvency II and IFRS requirements. ICRFS-PLUS 10.5 includes Insureware's unique solution to the one-year risk horizon SCR, technical provisions (fair value of liabilities) and market value margins (risk margins) for the aggregate of multiple LOBs. The solution is not circular and is mathematically tractable, contrary to other views.
Specifications
ICRFS-PLUS is a desktop application that allows parallel access to a corporate database. It is compatible with Windows XP onwards, supports report writing for Microsoft Word and Excel from version 2000 onwards.
Calculations are done at lightning speed. Millions of simulations are performed in a matter of seconds if not faster.
Installation is very easy and can be done by the end-user.
Licensing/sales/support
ICRFS-PLUS is licensed on an annual basis with all upgrades and new versions shipped to subscribers as they are released
Types of user
Actuaries in insurance, reinsurance, or rating agencies.
Areas/countries with the most users
US/UK/Europe
Contact person and details
Ben Zehnwirth
benzehnwirth@insureware.com
Tel: +61 3 9533 6333
Fax: +61 3 9533 6033
Cell (Int.) +61 (0) 418 143 921
WEB: WWW.INSUREWARE.COM
