Innovative eConsulting and Software Solutions
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Insureware is not your typical long-tail liability risk management firm: we are R&D focused. Our team of world-class statisticians originated many of the ideas that the industry now aspires to. They have published numerous papers not only in actuarial journals but also in preeminent statistical journals. Insureware creates and supports the only comprehensive, enterprise wide, long-tail liability risk management software in the world. Insureware creates unique collaborative partnerships with each client. The partnership facilitates the growth of incomparable knowledge, benefits and applications for each client, as well as enabling Insureware's high calibre R&D team to develop new innovative benefits and applications that are incorporated into upgrades of its software solutions. |
ELRF™ Best's Schedule P 2015
A.M. Best Co., a global provider of insurance industry financial data and credit ratings, has added access to Insureware's ICRFS-ELRF™ software using Best's Schedule P data to its product offering. The combination of Best's Schedule P data with the specialized software from Insureware adds value by facilitating effortless access to information in a structured database and providing statistical tools for performing loss reserve analysis at various levels of segmentation.
A.M. Best customers will have access to ELRF™ Best's Schedule P 2015, the ICRFS-ELRF™ (point and click) software that has been pre-loaded with Best's Schedule P data - including Net (20x10 and 10x10) arrays, at no additional charge beyond the cost of purchasing the loss reserve data from A.M. Best.
ICRFS-Plus™ - Unique Long-Tail Liability Enterprise Risk Management (ERM) System
| ICRFS-Plus™, a long tail liability Enterprise Risk Management System, is the key to a new innovative paradigm for measuring and managing long tail liability risks in an integrated relational database.
It is the first and leading probabilistic software for loss reserving; with applications to pricing, risk-based capital calculations, creative reinsurance solutions, and modelling of relationships between lines of business, segments and layers, that is critical to Economic Capital determination, Capital Allocation, Dynamic Financial Analysis (DFA) and supporting Solvency II and IFRS metrics. The modelling frameworks within ICRFS-Plus™ enable the user to build models that represent the true volatility in the company's long tail lines of business and quantify the relationships between them.
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With ICRFS-Plus™ you can manage and measure all your long tail liability risks with a single composite model
A single composite model measures the reserve, underwriting and combined risks for each LOB and the aggregate.
One double click loads the model and reveals pictorially the volatility structure of each long tail LOB in your company and their inter-relationships (correlation structures). All the critical financial information such as risk capital allocation by LOB and calendar year, and Tail Value-at-Risk for different time horizons can be computed in a matter of seconds. A company-wide report can be created effortlessly with a single report template.
Solvency II one year risk horizon SCR, Technical Provisions, Market Value Margins, and Economic Capital- Risk diversification of SCR and Market Value Margins based on an ICRFS-Plus™ internal model
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ICRFS-Plus™
is the only long tail liability Enterprise Risk Management system
in the world that affords the unique benefits of efficiency, flexibility
and innovation in supporting Solvency
II and IFRS requirements.
ICRFS-Plus™ 11 includes Insureware's unique solution to the one-year risk horizon SCR, Technical Provisions (Fair Value of Liabilities) and Market Value Margins (Risk Margins) for the aggregate of multiple LOBs. The solution is not circular and is mathematically tractable contrary to other views. |
ICRFS-ELRF™ - Extended Link Ratio Family
| ICRFS-ELRF™ is a software package that incorporates standard actuarial methods including Mack, Murphy and much more. Weighted average link ratios are formalised as regression estimators. These are also extended to include an intercept term and a constant accident period trend for each development period. The resultant benefits
include forecast standard errors (instead of just a point value)
and the ability to test whether the assumptions made by the model
are carried by the data. |
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"Nothing hurts a new truth more than an old error" - Johann Wolfgang von Goethe (1749-1832)
"Facts do not cease to exist because they are ignored"- Aldous Huxley