One Model. One Truth. One Source
for the Whole Company!
A single composite model designed in ICRFS™ unifies all long-tail lines of business. The model links:
- mean trends,
- process volatility, and
- distinguishes common drivers and correlations.
Whether you need a high level overview or a deep dive into individual lines, all long-tail liability risk metrics are accessible at your fingertips!
Read further to see how Insureware's actuarial loss reserving solutions can help you quickly:
- find the optimal statistical model for individual lines,
- measure calendar year trends: economic and social inflation
changes, and - design a single composite model for the whole company!
Long-tail LoB insurance risk metrics
...tailored to your company's experience
Models in ICRFS™ are identified for each triangle's data. Trends in the three directions (development, accident and calendar, along with the volatility around the trends, are calibrated to actual experience. Further, diagnostic tools validate the model describes the statistical features of the data.
Unlike traditional approaches, the Probabilistic Trend Family (PTF) modelling frameworks of ICRFS™ link every cell in the triangle - past and future - in a transparent, consistent, and explainable way. The PTF modelling framework is the only framework that explicitly measures social inflation and gives full control over future social inflation assumptions.
For actuaries: trends and volatility measured in the past are explicit, measurable and defensible - and future assumptions can be directly connected with past experience.
For executives: risk and capital decisions are backed by a transparent, company-wide model which reflects the true risks in each portfolio.
More than just loss reserving!
Insureware's Innovative statistical solutions for P&C re/insurance (long-tail lines) ensure analysts are able to:
- obtain the right risk metrics for ORSA or Solvency II,
- meet IFRS 17 requirements,
- assess optimal Reinsurance programs,
- calculate reserves net of Reinsurance,
- calculate Risk Capital,
- price and customise risk transfers like ADCs and LPTs,
- test link ratio methods graphically and using the regression formulation,
- have data available for analysis within an easily navigatable database,
- provide solid, supporting evidence for strategic business decisions..
ICRFS™: a high-powered, analytical and
data management system
Insureware's software solutions are:
- small-footprint;
- intuitive;
- very fast; and
- rapidly implemented enterprise wide.
Data, models, and notes are all stored in easy-to-navigate databases.
Designed with the P&C actuary and senior executives in mind, for loss reserving, pricing and risk capital management, results are delivered in seconds.
Identified models in the Probabilistic Trend Family (PTF) and Multiple Probabilistic Trend Family (MPTF) modelling frameworks describe the trends in the three directions (development, accident, and calendar) along with the volatility around the trends.
ICRFS™ also includes all the familiar actuarial methods like Mack, the Bootstrap Technique, Volume Weighted Averages (Chain Ladder Ratios), and many others.
View demonstration videos and product brochures.
Read more about the many solutions and benefits ICRFS™ provides.
