ICRFS-Plus™ Demonstration videos
ICRFS-Plus™ is a tour de force of interactive software design and computational speed.
An ICRFS-Plus™ corporate database, which is not difficult to create, enables complete executive oversight. This means that that you will be able to find, with just a few mouse clicks, models and reports for any segment of your business in any country, the actuary modelling that segment of the business, capital allocation by LOB and calendar year, reserve risk charge and underwriting risk charge for the aggregate of LOBs, whether outward reinsurance is effective in respect of reducing retained risk, and more. Creation of an ICRFS-Plus™ database from triangles stored elsewhere or unit record transactional data is also seamless and effortless using COM scripts.
One great benefit of ICRFS-Plus™ is that you can manage and measure all your long tail liability risks with a single composite model. Only one model for each company!
A single composite model measures the reserve, underwriting and combined risks for each LOB and the aggregate.
One double click loads the model and reveals pictorially the volatility structure of each long tail LOB in your company and their inter-relationships (correlation structures). All the critical financial information such as risk capital allocation by LOB and calendar year, and Tail Value-at-Risk for different time horizons can be computed in a matter of seconds. A company-wide report can be created effortlessly with a single report template.
In respect of Solvency II Capital Requirements (SCR), Market Value Margins (Risk Margins) and Technical Provisions (Fair Value of Liabilities), for the aggregate of multiple LOBs, video chapter 5 provides Insureware's solution to the one year risk horizon.
A real life example involving six LOBs is studied and it is shown that for the aggregate of the six LOBs,
Technical Provisions + SCR = Undiscounted Reserves,
assuming a risk free rate of 4% and a spread of 6%. This is due to risk diversification credit of writing the six LOBs that are uncorrelated.
This result is far from true for the most volatile LOB4, were it the only one written!
View the videos below to experience the numerous unique benefits and applications afforded by a unique paradigm shift.
Some of the (real) case studies modelled in the videos are also discussed briefly in the ICRFS-Plus™ brochure.
These videos are arranged in logical order so it is important that you view them that way.
If for any reason you are unable to view the training or demonstration videos, please contact our support staff at email@example.com and we will arrange to send you a copy of the videos on CD-ROM. You will be able to run the videos from the CD.
- 1.1.1 Relational database and COM technology
- 1.1.2 Modelling, paradigm shift and benefits
- 1.2.1 The Link Ratio Techniques (LRT) modelling framework
- 1.2.2 The Extended Link Ratio Family (ELRF) modelling framework
- 1.3 The Probabilistic Trend Family (PTF) modelling framework
- 2.1 Triangle Group CTP- The model building process
- 2.2 Triangle Group ABC-Major shifts in calendar year trends and testing for model specification error
- 2.3 Triangle Group COMPA-volatile paid losses with stable calendar year trends
- 2.4 WC California, Reserve Upgrade Myths and Case Reserve Estimates (CRE) versus Paid Losses
- 2.5 Triangle Group LR High - Mack Method gives results much too high!
- 2.6 Three layers 1Mxs1M, 2M and 1M, pricing and aggregate distributions
- 2.7 Uneven sampling periods and updating the database
- 2.8 How can we tell that data modeled by Murphy et al is not real?
- 3.1 Introduction to MPTF, two Lines of Business: LOB1 & LOB3 and two types of correlations
- 3.2 Clusters: LOB A - J and SDFx40
- 3.3 Layers: 1M, 2M, 1Mxs1M and 0-25, 25-50,...
- 3.4 3.4 Gross versus Net of Reinsurance - same trend structure with high process (volatility) correlation
- 3.5 Credibility Modelling: CompA, Maa951 and Company A, Company B
- 4.1 Common drivers and Process Correlation
- 4.2 Design of a single composite model for Berkshire Hathaway - 15 LOBs (Schedule P data)
- 4.3 Berkshire Hathaway (Schedule P data) and allocation of risk capital
- 4.4 VaR, T-VaR, Risk Capital Allocation, and Underwriting risk charge versus Reserve risk charge
- 4.5 Berkshire Hathaway LOB ReA versus the aggregate of all LOBs and simulation of a composite dataset from the composite model
- 4.6 Comparison of Berkshire Hathaway, Swiss Re and The Hartford (Schedule P data)
- 4.7 Excel based Report for Berkshire Hathaway
- 5.1 Our solution for calculating the long-tail liability Solvency II risk measures for the one-year risk horizon
- 5.2 Solvency II risk measures for a real life example involving six LOBs
- 5.3 Comparison of TP+SCR with undiscounted BEL
- 5.4 Consistency of estimates of prior accident year ultimates and Solvency II metrics on updating
- 5.5 5 SII and IFRS 4 metrics excluding fungibility across LOBs and calendar years going forward, relative to assuming fungibility
- 5.6 Distressed Samples driven by process volatility and parameter volatility
- 5.7 The Ultimate Year Risk Horizon
- 8.1 Importing triangular data from other databases and manipulating objects in the ICRFS-Plus™ database
- 8.2 Importing triangular data from unit record transactional data
- 8.3 Importing triangular data including layered triangles from unit record data
- 9.1 Pricing high layers (low frequency/high severity) and relationships between gross and net of reinsurance data
- 10.1 Introduction to the Bootstrap
- 10.2 Overview of the Mack method and the PTF modelling framework
- 10.3 Bootstrap TG ABC BS
- 10.4 Bootstrap TG LR High BS
For additional information on ICRFS-Plus™ features - click here.
Solvency II Capital requirements for each LOB and the aggregate of all LOBs are only met by ICRFS-Plus™ in a sound statistical framework.