- Cyberattacks cost financial services firms more to address and contain than in any other industry according to new Accenture report
- Beazley 2018 Breach Briefing report analyses and advises on growing range of cyber risks in the US
- Insurance Europe responds to IAIS consultation on an activities-based approach (ABA) to systemic risk
- RSA UK claims function awarded CII Chartered status
- LMA introduces Claims Development Pathway, a new interactive training and development tool
- FCA seeking views on how technology can make it easier for firms to meet their regulatory reporting requirements
- S&P Global Ratings and Guidewire Cyence Risk Analytics partner to assess cyber risk expired
- IRM Internal Model Industry Forum(IMIF) publishes eighth guidance document for the insurance market-The Journey from Model Validation to Model Risk Management expired
- Legal & General partners with Slice Labs to offer on-demand homeshare insurance proposition expired
- Zurich launches UK Innovation Foundry expired
- Aegon net income more than doubles in fourth quarter as US tax reform leads to one-time tax benefit expired
- Chaucer DAC joins IUA 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)