- Aon, RSA, and Zurich amongst 100 companies lobbying for up to a 3 year Brexit transitional period
- ABI pleased that Chair of Treasury Committee has written to the Chancellor over issue of cross-border pensions/insurance contracts after Brexit
- Zurich and MarshMac publish World Economic Forum survey data on major risks
- AIR Worldwide latest estimates of insured losses from Hurricane Irma range from $32bn to $50bn
- CoreLogic estimates losses in US from Hurricane Irma
- Hiscox estimates net claims of around $150m from Hurricane Harvey
- EIOPA publishes its second set of statistical information on the European insurance sector based on Solvency II regulatory reporting expired
- Guidewire solutions implemented at leading Belgian insurer expired
- Allianz names new CEOs for Germany and Italy expired
- MAXIS GBN appoints Director of Underwriting expired
- SCOR sponsored awards presented at 44th EGRIE annual seminar expired
- Xl Group to move principal EU insurance company to Ireland next year in response to Brexit expired
13th September 2017
Milliman Claim Variability Guidelines debuts at Casualty Loss Reserve Seminar in Philadelphia
Milliman has announced the launch of its latest InsurTech offering, an innovative casualty benchmarking tool that provides a new industry standard and a better, more efficient way of assessing variability in unpaid claims estimates. Milliman's Claim Variability Guidelines, debuting at the Casualty Loss Reserve Seminar in Philadelphia, are new industry benchmarks to help evaluate the quality of stochastic unpaid claim distributions used for Enterprise Risk Management(ERM) and DFA, including correlations for aggregate distributions. The Guidelines also stochastically support deterministic ranges used for reserving.
"Milliman's Claim Variability Guidelines are like version 2.0 of the standard benchmarks that are currently used industry-wide–they're a modernized, robust, and efficient tool that can help insurers better understand their unpaid claims reserves," says Mark Shapland, principal and consulting actuary with Milliman's Dubai office. "Being able to gauge the quality of unpaid claim variability estimates is a key metric in any risk management strategy, and allows insurers to more accurately price their products."
Key features of the tool include automatically adapting results based on company size, as well as the flexibility to adjust for different development patterns, currencies, and variance assumptions.
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