Milliman - Arius
Type of System
- Data management
- Internal/external reporting
- Reserving solution
- Spreadsheet risk management
Type of platform
Other features - does your offering facilitate
- IFRS 17
- NAIC RMORSA
- Solvency II internal model
- Solvency II standard formula
What are the typical implementation costs?
Typical licence and implementation costs are dependent on whether the Arius desktop solution or the cloud-based 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, typically less than 30 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 of software system and reserving department work flow, connections of data flows to upstream and downstream systems, etc.In addition, most clients opt for one to two quarters of parallel analysis before production use.
Please name companies that use the system/solution
List is available upon request.
Most recent significant update:
- Introduction of modeling based on machine learning techniques, and introduction of the model results directly into the actuaries’ reserving work flow.
- Enhanced cash flow projection capabilities, including cash flows at granular period lengths, automated estimates of payment patterns, and automated future payouts, all to enhance the system’s support of IFRS reporting.
- Ability to interpolate and extrapolate historical and external factors to support their use with data sets that are shorter, longer, or at different length periods than the factors being applied.
- Ability to stochastically model future LAE data, claims data, and other data that is similar to but beyond traditional paid loss costs.
Planned future enhancements:
- Continued research into and development of the use of machine learning techniques in the field of loss reserve analysis
- Ongoing research into the effective use of individual claim-level detail in reserve analysis
- Enhanced dashboards and executive-level reporting
- Continuing research into leveraging secure cloud computing to enhance actuarial process efficiency, reliability, and governance
- Continued enhancement of and additions to the system’s stochastic model capabilities
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.
The new Advanced Analytics module provides a platform on which sophisticated machine learning models can be built, with results incorporated directly into the reserving workflow. These tools take advantage of Azure Machine Learning to create new models using historical data, and they uncover additional insights for analysis with little additional work required of the analysts.
What trends are you seeing in terms of customer demand?
- Process automation to allow software to handle the more mundane steps throughout the actuarial process
- Much more concern over the issues of governance, auditability, reliability, and potential spreadsheet risk
- Desire for access to the detail data supporting aggregate analysis (drill down into triangle cells, etc.)
- Ability to aggregate data in new and different ways, providing different looks at results
Arius is Milliman’s complete end-to-end solution for adding efficiency and reliability to your reserving process.
Name: Michael Palmich
Tel: +1 404 254 6740
Email: [email protected]