Milliman - Arius and Arius Enterprise
Type of System
- Data management
- Reserving solution
- Spreadsheet risk management
- Internal/external reporting
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:
New GLM based reserving model
Ability to allocate reserve segment-level results to other levels of aggregation for reporting purposes
Ability to embed Microsoft Power BI dashboard capabilities directly into the system
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
Continuing research into leveraging secure cloud computing to enhance actuarial process efficiency, reliability, and governance.
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.
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.
The system’s 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.
What trends are you seeing in terms of customer demand?
Process automation. There is also much more interest in governance, auditability, reliability, and concern over spreadsheet risk.
There is a desire for access to the detailed data supporting aggregate analysis, as well as the ability to aggregate data in new and different ways and provide alternative ways to look at results.
Arius is Milliman’s complete end-to-end solution for adding efficiency and reliability to your reserving process