- Newslink Global Insurance Trends-The Week
- FCAs review of London Market could result in lower pricing and becoming more competitive with smaller hubs across the world says Fitch
- IUA publishes good practice guide for delegated authority arrangements in the London company market
- Standard & Poor's sees life insurers have most to gain from China's decision to ease restrictions on foreign ownership of financial institutions
- GlobalData says Insurers have a role to play in educating SMEs about cyber-attack risk
- A look at the top five InsurTech trends expected next year
- AIR Worldwide updates loss estimates of recent California Wildfires at $8bn to 10.5bn expired
- Leading Florida insurer selects PCIS ClaimsVISION solution expired
- Symbility joins Guidewire PartnerConnect as a Solution partner expired
- Prudential continues growth across all areas expired
- Compre continues growth with the acquisition of a closed non-life reinsurance portfolio from Allianz expired
- MAPFRE RE to open representative office in Tokyo to build on Asian presence 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.
Milliman Trends(29 articles)