Milliman - Arius and Arius Enterprise
Type of System
- Data management
- Reserving solution
- Spreadsheet risk management
Type of platform
Other features - the offering facilitates:
- NAIC RMORSA
- NAIC Principle-based reserving
- Solvency II standard formula
- Solvency II internal model
- IFRS 17
What are the typical implementation costs?
Typical licence and implementation costs are dependent on whether the Arius desktop solution or the Arius Enterprise solution is selected, and on the size and complexity of the licensing organisation.
How long does your software take to implement on site?
Arius desktop: physical implementation, 30 – 60 minutes
Training, 8 to 24 hours, depending on which modules are licensed
Arius Enterprise: approximately 2 to 3 months elapsed time, including analysis of current processes, customisation for software system and reserving department work flow, connections of data flows to upstream and downstream systems, etc.
Please name companies that use the system/solution
List is available upon request.
Most recent significant update:
Full 64-bit solution, including the stochastic engine
Smoothing of development factors
Accounting for seasonality in development factors
Berquist/Sherman Incurred approach
Stochastic compilation module to combine simulation results from multiple projects and model types into one stochastic distribution with correlation
Enhanced tools for managing performance levels of the calculation and data management resources provided by the cloud environment
Enhanced governance (management review controls, ability to lock data, evidence of signoff, totals reconciliation, etc.)
Planned future enhancements:
Continued enhancement of and additions to the system’s stochastic model capabilities
Ongoing research into the most effective use of individual claim-level detail in reserve analysis, and how to ensure even faster access for users.
Enhanced dashboards and executive-level reporting
How does your solution integrate with third-party systems or in-house systems?
Arius and Arius Enterprise offer a number of approaches for connecting with up-stream providers of input data and downstream consumers of analysis results, including the use of APIs and, where appropriate, custom direct connections.
What is the key attribute of your product(s) that differentiates it from your competitors?
Arius combines Milliman’s 25+ years of experience providing the full spectrum of deterministic exhibits and methods to eliminate spreadsheet risk and tedious setup.
Its stochastic tools provide many different models for estimating distributions of possible outcomes, so you can use the ones that most reliably simulate your specific situation.
Arius Enterprise’s secure Microsoft Azure cloud implementation provides the complete end-to-end reserve analysis solution, managing the process from claims detail to board-level reporting.
It includes process automation, project tracking, and comprehensive security and auditability. The entire reserving department can have greater efficiency, reliability, and accuracy, giving actuaries the time they need to think, and to be the important business advisers their company needs them to be.
Arius is Milliman’s complete end-to-end solution for adding efficiency and reliability to your reserving process