ICRFS-ELRF™ 10

Click here to email (ELRF@Insureware.com) your order for a FREE copy

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Your Name

Company Name or University Name

Address

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Instructions for dowloading ICRFS-ELRF™ 10 will then be emailed to you.

Features and Benefits not available in other costly products!

ICRFS-ELRF™ 10 Includes:

Easy point and click graphical interface.
Model saving and a limited database with example triangles included.
Full range of LRT models, with extensive ratio selections (any size of diagonal with selection of average, weighted average, geometric average, maximum/minimum ratios).
All standard actuarial methods, including Mack and Murphy. Weighted average link ratios are formalised as regression estimators, with the further options of intercept and constant accident period trend for each development period.
Forecasting by link ratio, Bornhuetter-Ferguson and expected loss ratio.
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.

Database

An ICRFS-ELRF™ 10 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 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 along with FAQs

Find out what the differences are between ICRFS-ELRF™ 10 and ICRFS-Plus™ 10

"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.]