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SOURCE Milliman, Inc.
New cloud-based InsurTech solution streamlines processes and adds efficiency for actuarial reserving departments
SEATTLE, Jan. 3, 2018 /PRNewswire/ -- Milliman, Inc., a premier global consulting and actuarial firm, today announced the release of Arius® Enterprise, the next generation of advanced analytics software for loss reserving for the insurance and reinsurance industry. Arius Enterprise is part of Milliman's Arius family of solutions and relies on the industry-leading Arius software to provide the analysis and modeling tools that today's sophisticated actuarial departments have come to depend on to keep their business ahead of the competition.
The release of Arius Enterprise specifically addresses challenges facing actuarial departments in mid-to-large insurance companies, including process inefficiencies, data management, workflow, reporting, and compliance. Key features of Arius Enterprise include:
"As the insurance industry faces disruption from evolving technology, our goal is to provide a cloud-based solution that will streamline companies' reserving processes and create much needed efficiencies," said Ken Scalf, Milliman's product leader of property and casualty reserving software. "With Arius Enterprise, we have an InsurTech system that provides consistency, reliability, and control, so that actuaries can focus their time where it's most needed."
About the Arius family of solutions
The Arius solution set includes Arius Deterministic, Arius Stochastic, Triangles on Demand, and Arius Enterprise. Arius Deterministic and Stochastic are self-contained reserve analysis systems that eliminate the potential spreadsheet risk inherent in tools developed in-house by many insurance actuarial teams. Triangles on Demand (ToD) uses the latest cloud technology to instantly aggregate millions of records of loss and claim data on the fly for analysis in Arius. Arius Enterprise combines the Arius analysis solutions and ToD with sophisticated project, user, and reporting management solutions to address the added efficiency and reliability requirements of sophisticated reserving departments. More information about the Arius suite of solutions is available at www.actuarialsoftware.com.
Milliman is among the world's largest providers of actuarial and related products and services. The firm has consulting practices in healthcare, property & casualty insurance, life insurance and financial services, and employee benefits. Founded in 1947, Milliman is an independent firm with offices in major cities around the globe. For further information, visit milliman.com.
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