Features of ICRFS-Plus™ 10
- Setting up an ICRFS-Plus™ 10 database
- ICRFS-Plus™ COM automation
- One grand model for multiple lines, layers and segments that is critical for DFA
- Model-building wizard
- Import the NAIC Schedule P data into an ICRFS-Plus™ relational database
- Speeding up estimation
- Additional variable in the database
- Expanding Reporting capabilities
- Update your triangle groups imported from Excel
Click here for a full scale demonstration of ICRFS-Plus™
Setting up an ICRFS-Plus™ 10 database
Setting up a database takes only a few seconds and requires no technical expertise. For further details on the database click here.
ICRFS-Plus™ COM automation
Getting data into and out of ICRFS-Plus™ 10 is easier than ever. ICRFS-Plus™ 10 has facilities to interface with 3rd party applications by facilitating importing and exporting its data from/to XML files conforming to the proposed ICRFS XML schema and by exposing its data structures via COM automation. The COM automation interfaces allow easy importing of A.M. Best and NAIC Schedule P data as supplied by the respective organisations.
COM automation also allows operations on DB objects like creating new triangle groups, udpating existing triangle groups, adding new variables, running wizards on datasets and so on.
See the following for more technical information on COM.
One grand model for multiple lines, layers and segments that is critical for DFA
Models for a number of triangles simultaneously allow you to calculate correlations between different lines of business. This lets you estimate Value-at-Risk and Risk Based Capital for all your long tail lines if you wish. These estimates are based on what is truly going on in your business. For a list of benefits on modelling multiple lines click here.
ICRFS-Plus™ 10 produces full probability distributions for aggregate payment streams by calendar year across all lines, incorporating correlations both within lines and between lines. You can also include future underwriting years, essential for Dynamic Financial Analysis. For more technical details click here.
Model-building wizard
The statistical team at Insureware has built up a vast amount of modelling experience over a number of years. We incorporate some of that experience into ICRFS-Plus™ 10 itself by helping users through the model-building process as they analyse their own data.
We have created a ‘model-building wizard’ that is intelligent enough to select a sensible model-building procedure for your dataset and guide you from stage to stage of this procedure. The wizard recommends where to add parameters, if and when to adjust for heteroscedasticity and when and how to optimise your model. Constraints will also be set up automatically by the system.
The ICRFS-Plus™ 10 unique estimation and optimization algorithms are so fast that the Wizard bulids models for a whole portfolio, namely, paid losses, case reserve estimates, number of claims closed and other array types in a matter of seconds!
Another key benefit of the wizard is an automated audit trail of the whole modelling process that can be reproduced step-by-step in a matter of minutes
Import the NAIC Schedule P data into an ICRFS-Plus™ relational database
If you have purchased the CD of Schedule P data supplied by NAIC, with ICRFS-Plus™ 10 you are able to import the triangle data on the CD directly into an ICRFS-Plus™ 10 database. An easy-to-use interface in Excel lets you choose a database and line of business. Then, with one click, the data for each of several thousand companies is automatically extracted from the CD and converted into ICRFS-Plus™ 10 triangle groups. (For the technically minded - it uses a VBA script that accesses the ICRFS automation COM interfaces.)
Up to 9 triangles of losses and claim numbers are imported for each company and line of business. The triangle groups are classified by a number of variables - such as line of business, company name, state - that allow you to rapidly navigate to your area of interest.
As well, an aggregate of all the companies' data is calculated for each line of business. This can be used to get estimates of development and calendar year trends for the whole of the industry. Then you can use the ICRFS-Plus™ 10 credibility model to credibility-adjust the trends in your data where there is not enough information to get credible (precise) estimates of trends.
Speeding up estimation
New algorithms have been added that make re-estimation much faster on large triangles.
Additional variable in the database
A new variable, Valuation Date, has been added to the database. This will allow you to easily track which triangle groups have been updated and when.
Expanding reporting capabilities
Further enhancements have been made to the usability and functionality of the reporting module, which allow you to produce reports on your data in Excel and Word in just a few clicks.
Update your triangle groups imported from Excel
If your data comes to you in a standard layout in Excel, the process of getting it into an ICRFS-Plus™ 10 database can now be streamlined. First you set up a template that describes the layout of your data in Excel spreadsheets. Then the Template Manager can be used to import many triangles of data from Excel in just a few clicks. Next year all you will have to do is re-import the updated triangles. The new data will automatically be put into the triangles already in the database. Just check last year’s models to see if there have been any significant changes in the last year, then you are ready to forecast.
To view the latest ICRFS-Plus™ 10 Brochure click here
See Current and Future Research for more information on what we are working on for future versions.
Contact support@insureware.com with any enquiries