ICRFS-ELRF™ 10.4
Features and Benefits not available in other costly products!
ICRFS-ELRF™ 10.4 Includes:
- Full range of Link Ratio Techniques (LRT) models, with extensive link ratio selections (any size of diagonal with selection of average, weighted average, geometric average, maximum/minimum ratios etc).
- Two-parameter and three-parameter ratio smoothing, and final "to Ultimate" ratio, which can be computed as a product smoothed ratios at a given number of periods.
- Regression formulation of all standard actuarial methods; this includes Mack and Murphy as special cases. Weighted average link ratios are formalised as regression estimators, with the further options of intercept and constant accident period trend for each development period. Standard deviations are computed analytically in all cases.
- Forecasting by link ratio, Bornhuetter-Ferguson and Expected Loss Ratio.
- Projected Case Estimates, Payments Per Claim Incurred and Fisher-Lange methods.
- Diagnostic statistics to test assumptions made by the model.
- Forecasts future calendar periods and calculates the standard errors of each year's forecast reserve.
- Exposure and premium, letting you calculate loss ratios and exposure adjusted models.
- Automated production of reports with Excel report templates including post processing of ICRFS-ELRF™ tables to create new tables.
- A single database with example Triangle Groups of real loss development arrays.
For information about ICRFS-Plus™ 10.4, click here.
For information about ICRFS-ELRF™ Professional, click here.
For details of the differences between ICRFS-Plus™ 10.4, ICRFS-ELRF™ Professional and ICRFS-ELRF™ 10.4, click here.
Database
An ICRFS-ELRF™ 10.4 database allows you to navigate effortlessly through your loss development arrays, models and reports with a few mouse clicks.
Link Ratio Techniques (LRT)
The link ratio techniques (LRT) module of ICRFS-ELRF™ 10.4 includes methods that are based on the standard average weighted link ratio techniques.
Extended Link Ratio Family (ELRF)
This module is an extension of the LRT module where average weighted link ratios are formalized as regression estimators through the origin, this incorporates the Mack method. These are extended to other modelling components of interest, including intercepts (the Murphy method) and constant accident year trends. Resulting benefits include forecast standard error and testing that assumptions made by the model are supported by the data. Are there any features in the data not in the model and vice versa?
Now Insureware lets you:
- Test the claim that link ratio techniques lack predictive power and cannot capture volatility in the data.
- Use the models and techniques described in the ELRF section of the paper "Best Estimates for Reserves", that is now on the CAS Syllabus of Examinations.
Training videos are available for ICRFS-ELRF™ 10.4 along with FAQs
"Extended Link Ratio Family (ELRF) models are the statistically derived and extended versions of the traditional actuarial Link Ratio Techniques (LRT), such as chain ladder. They provide more powerful modelling and enable statistical testing of the validity of the assumptions in the models. They almost invariably prove: "that in almost all real-world scenarios the data does not support those assumptions"
"I highly recommend "Best
Estimates for Reserves" and hope that more of us will begin
to use the methods that Barnett and Zehnwirth describe."
"Although the actuarial literature is replete with articles explaining
the shortcomings of the traditional link ratio methods, most actuarial
reserve analyses mainly rely on link ratio methods"
[Frederick
Cripe, Chairperson, Casualty Accident Society (CAS), Research Policy
and Management Committee.]
For your FREE copy of ICRFS-ELRF™ 10.4
Simply click here to email (ELRF@Insureware.com). All you need to do is provide us with the following details:
1. Your Name
2. Company Name or University Name
3. Address
4. Telephone Number
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