SEATTLE, Oct. 31, 2016 /PRNewswire/ -- Milliman, Inc., a premier global consulting and actuarial firm, announced today that it has released version 2.9 of Arius®, its state-of-the-art loss reserving system for property and casualty insurers. This is the eleventh major release of new functionality since Arius' introduction three years ago. This update provides significant enhancements to the system's graphing capabilities, giving actuaries a number of new analytical capabilities.
Ken Scalf, Property and Casualty Software Products Manager at Milliman, said, "Our clients are always looking for new and better ways to see what's going on in their data, to understand what's driving the changes, and to explain their thoughts and findings to other senior business leaders. The enhanced graphical analysis tools in Arius address all these challenges. They give actuaries new solutions to help visualize trends, interactions, and relationships in clearer and more explanatory ways."
In addition to the expanded graphs themselves, this release also updates the system's workflow to help users more easily incorporate graphics into their analytic process, enhancing new analyses and updating existing ones.
Arius is a self-contained solution that eliminates the potential spreadsheet risk inherent in tools developed by many in-house insurance reserving teams. The system provides a full array of exhibits, methods, and management reports. Users can also easily build custom analyses as necessary to address unique circumstances. By combining new diagnostic tools and dashboards with the system's modeling capabilities, actuaries can derive central estimates of their unpaid claim liabilities as well as the potential variability around those central estimates. The system's graphs and exhibits allow analysts to better understand and explain the nature of that variability to other stakeholders and followers of the organization, such as boards, rating agencies, and regulators, promoting greater transparency and more informed decision making. More information about Arius is available at www.actuarialsoftware.com.
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. For further information, visit www.milliman.com.
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SOURCE Milliman, Inc.