Differences between ICRFS-Plus™ 10.1 and ICRFS-ELRF™ 10.1.
Insureware develops and markets ICRFS-PLUS™, a unique long tail liability information management system. It also provides unique e-Support and e-Consulting globally.
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ICRFS-Plus™
The Extended Link Ratio Family (ELRF) and the Probabilistic Trend Family (PTF) modelling frameworks, contained in ICRFS-PLUS™, are described in the paper “Best Estimates for Reserves”, published in the Proceedings of the CAS, Volume LXXXVII, 2000. The paper is also included in the 2005 Casualty Actuarial Society Syllabus of Examinations. The ELRF module is a regression extension of link ratio techniques (LRT).
The new Multiple PTF (MPTF) module of ICRFS-PLUS™ is used to design a composite model for multiple triangles including multiple lines of business, segments and layers.
ICRFS-PLUS™ 10.1 allows you to navigate easily in a database so that you can find your loss development arrays, models and reports with a few mouse clicks. The new modelling Wizard makes model-building very fast and effortless. You can find relationships between paid losses and case reserve estimates in a matter of seconds! You can compute prediction intervals, assess Risk Based Capital requirements or Value-at-Risk, and design optimal reinsurance programs, including pricing of excess layers.
The innovative MPTF module has numerous benefits and applications, including quantification of the degree of diversification between lines of business, credibility modelling and optimal outward reinsurance.
The COM component of ICRFS-Plus™ allows easy importing of A.M. Best and NAIC Schedule P data into an ICRFS-Plus™ database.
ICRFS-ELRF™ Professional
ICRFS-ELRF™ 10.1 Professional contains the LRT and ELRF modules of ICRFS-PLUS™ 10.1 and also includes database capabilities. ICRFS-ELRF Professional has full database functionality and also includes the ability to import and export data in XML format. Also, importing from Excel spreadsheets from predefined templates is also provided.
Some of the case Studies in ICRFS-ELRF™ 10.1 also include the corresponding analysis in PTF and MPTF modules of ICRFS-Plus™ 10.1.
ICRFS-ELRF™
ICRFS-ELRF™ 10.1 contains the LRT and ELRF modules of ICRFS-PLUS™ 10.1 and also includes database capabilities. However, ICRFS-ELRF is limited to one database (the database provided with the product) and the number of user-defined triangle groups that can be stored in the database is also limited.
Some of the case Studies in ICRFS-ELRF™ 10.1 also include the corresponding analysis in PTF and MPTF modules of ICRFS-Plus™ 10.1.
Current and Future Research
See Current and Future Research for more information on what we are working on for future versions of ICRFS products.
Contact support@insureware.com with any enquiries.