Milliman Releases Arius™ 2.4, A Complete Solution for Analyzing Unpaid Claims Liabilities for P&C Insurance

SEATTLE, Oct. 27, 2014 /PRNewswire/ -- As previewed at last month's Casualty Loss Reserve Seminar in San Diego, Milliman, Inc., a premier global consulting and actuarial firm, announced today that it has released version 2.4 of Arius, its state-of-the-art loss reserving system for property & casualty insurers.  This latest release offers significant enhancements in the areas of advanced reporting and sophisticated analysis. 

Ken Scalf, Property & Casualty Software Products Manager noted, "Being in the business, we understand that actuaries are under increasing pressure to provide a wide range of information regarding the company's losses and reserves, satisfying a variety of stakeholders in the business, and often under very tight timeframes. Our latest release demonstrates Milliman's continued commitment to developing the best available solutions to enhance the efficiency of our clients' work."

With this release, Arius adds a number of capabilities, including the following:

• New cash flow reports that help derive discounted reserves for Solvency II and IFRS reporting, while also supporting planning and other regulatory requirements.
• Additional features that automatically interpolate and prorate results when performing analyses at interim periods, eliminating the manual adjustments required when using other reserving systems.
• Enhancements to the application programming interface (API) to directly connect Arius data and exhibits to Excel, allowing analysts to use the most appropriate tools for each part of their work, while at the same time reducing spreadsheet risk.
• The ability to import key external and industry data onto the system's exhibits to aid in benchmarking and other comparative analyses.

About Arius

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-style 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.

About Milliman

Milliman is the leading provider of actuarial and related products and services to insurance markets worldwide. Through a team of professionals ranging from actuaries to clinicians, technology specialists to plan administrators, we offer unparalleled expertise in employee benefits, investment consulting, healthcare, life insurance and financial services, and property and casualty insurance. Founded in 1947, Milliman has offices in major cities around the globe. For further information, visit www.milliman.com.

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SOURCE Milliman, Inc.