It's time for a scientific approach
ICRFS-Plus™ is a high-powered analytical and data management system.
Designed with the P&C actuary and senior executives in mind, results are delivered in seconds.
Insureware's flagship statistical software is for those actuarial departments that need to:
- know where the company's long-tail liabilities are heading;
- come up with creative solutions to new or unexpected challenges;
- deliver accurate and timely metrics for senior management; and
- qualify and mitigate model risk.
Extensive risk metrics in ICRFS-Plus™ for multiple LOBs allows companies to:
- Understand the drivers of past experience and foresee their effects on future metrics;
- Grasp the complete perspective of multiple liability streams;
- Calculate data driven correlations, risk diversification and Solvency II risk metrics;
- Gain strategic advantages over competitors.
Data, models, forecast scenarios, notes, and links to reports are all stored within easily navigatable ICRFS-Plus™ databases. The software is small-footprint, intuitive and graphic, very fast and rapidly implementable enterprise-wide.
Single composite models for multiple lines of business measure volatility in each line and the correlations between them enabling the computation of the Economic Balance Sheet, Solvency II; and other statistics.
Solutions are developed for:
- Reserving and pricing (underwriting),
- Assessing risk: reserve, underwriting and combined (reserve + underwriting) risk,
- Risk capital allocation,
- Estimating correlation and risk diversification credit,
- Monitoring trends and responding quickly to new trends,
- Solvency II and related risk capital calculations for long-tail liabilities,
- Designing optimal reinsurance programs (prospective and retrospective) for insurers and reinsurers, and
- Modelling multiple lines, segments, or layers.
ICRFS-Plus™ incorporates powerful data and information management facilities: COM automation for importing data from any other database, and a database management system capable of handling thousands of triangle groups within which numerous triangles and models can be stored. Importing Best's Schedule P data into an ICRFS-Plus™ relational database provides a wealth of information.
Unique, innovative modelling frameworks:
- Multiple Probabilistic Trend Family (MPTF)
- Probabilistic Trend Family (PTF)
- Extended Link Ratio Family (ELRF)
- Link Ratio Techniques (LRT)
- Aggregate Link Ratio Techniques (ALRT)
New features introduced in version 2016 include:
- 32-bit and 64-bit(*) versions of the system are now available.
(*) 64-bit version is anticipated to be released in Q1/2017.
Database and Graphics
- SQ Lite replaces MS Acess as the default single-user type of database.
- Calendar year standard deviations and CVs are now calculated.
PTF and MPTF
- Simulation of the Variation in Mean Ultimate (VMU, also known as the Claims Development Result (CDR)) has been added.
- Various COM functions added and improved