Innovative eConsulting and Software Solutions
Insureware is the inventor and disseminator of a new paradigm in long tail liability modelling that facilitates the scientific management of risk and capital. It was founded by Prof. Ben Zehnwirth in 1988 and provides unparalleled eConsulting and software solution services to its global client base.
Insureware creates unique collaborative partnerships with each client. The partnership facilitates the growth of incomparable knowledge, benefits and applications for each client, as well as enabling Insureware's high calibre R&D team to develop new innovative benefits and applications that are incorporated into upgrades of its software solutions.
ICRFS-Plus™ - Unique Long-Tail Liability Enterprise Risk Management (ERM) System
ICRFS-Plus™, a long tail liability Enterprise Risk Management System, is the key to a new innovative paradigm for measuring and managing long tail liability risks in an integrated relational database.
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.
The modelling frameworks within ICRFS-Plus™ enable the user to build models that represent the true volatility in the company's long tail lines of business and quantify the relationships between them.
With ICRFS-Plus™ you can manage and measure all your long tail liability risks with a single composite model
A single composite model measures the reserve, underwriting and combined risks for each LOB and the aggregate.
One double click loads the model and reveals pictorially the volatility structure of each long tail LOB in your company and their inter-relationships (correlation structures). All the critical financial information such as risk capital allocation by LOB and calendar year, and Tail Value-at-Risk for different time horizons can be computed in a matter of seconds. A company-wide report can be created effortlessly with a single report template.
Solvency II one year risk horizon SCR, Technical Provisions, Market Value Margins, and Economic Capital- Risk diversification of SCR and Market Value Margins based on an ICRFS-Plus™ internal model
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.
"The idea of the framework is that everybody should be using an internal model in the end"
For the purpose of Solvency II, the relational database facilitates the understanding of the significant long tail liability risks of the enterprise in a quantifiable and integrated manner. It is effortless to navigate the database so that each actuary has access to the same information with just a few mouse clicks.
ICRFS-Plus™ COM Automation, Data Importation, and A.M. Best & NAIC Schedule P
ICRFS-Plus™ COM Automation facilitates effortless and seamless importation of data from any other database. The A.M. Best & NAIC Schedule P CD can be converted into an ICRFS-Plus™ database - a wealth of information in a few mouse clicks that cannot be obtained in any other way. Now, with ICRFS-Plus™, it is quick and easy to create and access that information.
Compare your company to other companies and the industry and gain a competitive advantage.
Answer questions like (from A.M.Best Annual Supplemental Rating Questionnaire):
These two questions can only be answered effectively and efficiently using the Probabilistic Trend Family (PTF) and the Multiple PTF (MPTF) modelling frameworks of ICRFS-Plus™.
Click here for more information on COM Automation.
ICRFS-ELRF™ - Extended Link Ratio Family
ICRFS-ELRF™ is a software package that incorporates standard actuarial methods including Mack, Murphy and much more. Weighted average link ratios are formalised as regression estimators. These are also extended to include an intercept term and a constant accident period trend for each development period.
The resultant benefits
include forecast standard errors (instead of just a point value)
and the ability to test whether the assumptions made by the model
are carried by the data.
"To kill an error is as good a service as, and sometimes even better than, the establishing of a new truth or fact!" - Charles Darwin