INTELLECTUAL PROPERTY

Milliman's Arius introduces new API capabilities, streamlined diagnostic tools with latest reserving software release

Milliman | November 18, 2021

milliman news
Milliman, Inc., a premier global consulting and actuarial firm, announced that it has released the latest version of its Arius® insurtech solutions, a family of state-of-the-art reserve analysis systems for property and casualty insurers. This update provides significant enhancements to the systems' analytical, reporting, and data management tools.

This release provides tools to help actuaries and insurance analysts more easily build and share statistical exhibits among multiple projects, providing more consistent analysis and more efficient management review. It also adds new reports to help users with Canadian and IFRS-17 reporting requirements.

Arius® insurtech solutions is a family of state-of-the-art reserve analysis systems for property and casualty insurers

In addition, the release includes new API capabilities, additions to the system's role-based security options, and enhanced controls related to editing and managing data files, both in the Arius Enterprise system and in the Triangles on Demand data management solution.

"Our goal with the Arius solutions is to relieve the burden of managing the overall reserving process from our clients' shoulders, so they can spend their valuable time helping and advising their business. This release furthers those efforts with additional steps to enhance the overall efficiency and reliability of the actuarial reserving team."

- Ken Scalf, reserving products manager at Milliman

About the Arius family of solutions
The Arius solution set includes Arius Deterministic, Arius Stochastic, Triangles on Demand®, and Arius Enterprise. Arius Deterministic and Stochastic are self-contained reserve analysis systems that eliminate the potential spreadsheet risk inherent in tools developed in-house by many insurance actuarial teams. Triangles on Demand (ToD) uses the latest cloud technology to instantly aggregate millions of records of loss and claims data on the fly for review in Arius. Designed specifically for large insurance carriers and self-insureds, Arius Enterprise combines the Arius analysis system and ToD with sophisticated Microsoft Azure-based project, user, and reporting management solutions to address the added efficiency and reliability requirements of sophisticated reserving departments. Milliman's Claim Variability Benchmarks provide benchmark statistics for comparison with an insurer's own data, drawn from statistical analysis of 5,100 companies and over 30 years of activity. 

About Milliman
Milliman is among the world's largest providers of actuarial and related products and services. The firm has consulting practices in healthcare, property & casualty insurance, life insurance and financial services, and employee benefits. Founded in 1947, Milliman is an independent firm with offices in major cities around the globe.

Spotlight

This paper seeks to explain high-level trends in the asset allocation of major life insurers across eight Asian markets over the last four years to 2015, using data collected from various regulatory and audited sources, enriched with subjective commentaries from market participants. This research aims to compare and contrast some aspects of these Asian markets with the United States. Unsurprisingly, the growth rates, product mixes, and investment markets vary across geographies, but one global theme is the current low level of interest rates. This leads to a fundamental challenge in sourcing long-term assets with decent yields and acceptable risks to back life insurance liabilities. Asian insurers can be heavily constrained in what and how much assets they can buy and by the lack of depth and breadth in their respective asset markets. As an example, in Taiwan, the entire government bond market is less than half the size of life insurance industry assets, which is usually not the case for developed markets such as the United States.

Spotlight

This paper seeks to explain high-level trends in the asset allocation of major life insurers across eight Asian markets over the last four years to 2015, using data collected from various regulatory and audited sources, enriched with subjective commentaries from market participants. This research aims to compare and contrast some aspects of these Asian markets with the United States. Unsurprisingly, the growth rates, product mixes, and investment markets vary across geographies, but one global theme is the current low level of interest rates. This leads to a fundamental challenge in sourcing long-term assets with decent yields and acceptable risks to back life insurance liabilities. Asian insurers can be heavily constrained in what and how much assets they can buy and by the lack of depth and breadth in their respective asset markets. As an example, in Taiwan, the entire government bond market is less than half the size of life insurance industry assets, which is usually not the case for developed markets such as the United States.

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