Milliman releases Arius® 2.7, with enhanced graphics and diagnostic tools for more informed decision-making

PR Newswire

SEATTLE, Oct. 28, 2015 /PRNewswire/ -- Milliman, Inc., a premier global consulting and actuarial firm, announced today that it has released version 2.7 of Arius, its state-of-the-art loss reserving system for property & casualty insurers. This latest release, which was previewed at last month's Casualty Loss Reserve Seminar in Atlanta, offers enhanced graphics and new actual vs expected diagnostic tools, allowing actuaries to more effectively focus their efforts and expertise, possibly identifying changes or patterns in the insurer's data, spotting and addressing issues and opportunities more quickly, and making more informed business decisions.

Ken Scalf, Property & Casualty Software Products Manager noted, "Because we are reserving experts ourselves, we understand that actuaries must often complete complex analyses under tight time constraints. Our clients need tools that help them quickly measure and assess where to focus their precious time, and to help understand what approaches have been most effective in solving analytical challenges in the past. 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:

Additional graphics provide users an easier way to observe patterns in the data and to incorporate professional data visualizations in their dashboards and reports.
Automatic generation of actual vs. expected reports offer an efficient diagnostic tool for testing the reasonableness of prior assumptions and the performance of various methods, allowing for continuous improvement in the actuarial process.
New application programming interface (API) samples help users more efficiently automate parts of their analysis using Visual Basic from within Excel; this is especially helpful when addressing special demands by combining Arius' calculation and data management capabilities with Excel's flexibility.

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- 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.