Embrace technology delivering economic and strategic advantages
ICRFS-Plus™: the complete, statistically sound software for managing, modeling, and monitoring long-tail liabilities. The only analytical package which treats insurance data arriving in calendar time as an essential feature of its modeling solutions.
Contact Insureware to arrange a demonstration of the ICRFS-Plus™ platform.
Probabilistic modeling frameworks provide complete loss distributions by accident period, calendar period, and total.
These distributions enable creative solutions for:
- Reserving and pricing (underwriting),
- Assessing risk: reserve, underwriting and combined (reserve + underwriting) risk,
- Monitoring trends and responding quickly to new trends,
- Estimating correlation and risk diversification credit,
- Modeling multiple lines, segments, or layers,
- Solvency II and related risk capital calculations for long-tail liabilities, and
- Assessing and pricing prospective and retrospective reinsurance.
Read more on Insureware's unique software solution below. All Insureware's ICRFS-Plus™ brochures demonstrate real-life case studies. Click on the brochure covers to the relevant brochure section to download the pdf.
Relational Databases
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Access information instantly
- Small footprint
- Fast to implement enterprise wide solution
- Data organised according to your requirements
- Models and forecast scenarios saved in databases
- Simple to navigate
- Easy to monitor, manage and update
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Modeling multiple long-tail liability lines
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Get the complete perspective
- Introduction to probabilistic modeling frameworks
- Common drivers and measuring trends
- Correlations and their impact
- One model for the whole company
- Economic Balance Sheet and Solvency II metrics
- Real life case studies!
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Solvency II – one year and ultimate year risk horizons for long-tail liabilities
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- Economic Balance Sheet
- Solvency II Capital Requirement (SCR)
- Technical Provisions
- Market Value Margins (MVM)
- IFRS 4 Phase II
- Fungibility and Ring Fencing
- Consistency of metrics on updating
- One year ahead metrics
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Pricing: Segments, Layers and Reinsurance
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- Introduction to probabilistic modeling frameworks
- Pricing future underwriting years including for the aggregate of multiple LOBs
- Assessing optimal outward reinsurance
- Layers and High Severity/Low Frequency
- Adverse Development Cover
- Real life case studies!
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Understanding correlations and common drivers
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- Purpose of correlation measures
- Correlations are model dependent
- Common accident year and calendar year drivers versus correlations
- Impact of accident year drivers on pricing
- Real life case studies!
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Link Ratios, Mack, Murphy, Over-Dispersed Poisson, and the bootstrap technique
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Do link ratio methods work for your data?
- Introduction to link ratio methods
- Link ratio methods formulated as regression estimators
- The Mack (Chain Ladder) and Murphy methods
- The Extended Link Ratio Family (ELRF)
- The bootstrap technique
- Link ratio methods and correlation
- Comparison with the optimal model in the PTF modeling framework
- Real life case studies!
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Related products
ICRFS-ELRF™ A.M. Best Schedule P 2013
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What does ICRFS-ELRF™ A.M. Best Schedule P deliver?
- Structured access to A.M. Best Schedule P data - Gross and Net
- Fast access to Schedule P long tail liability lines and related financial data, including for the Industry
- Critical financial information at your fingertips
- ICRFS-ELRF™ analytical tools including Mack and the bootstrap
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ICRFS-Plus™ A.M. Best Schedule P 2013
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What does ICRFS-Plus™ A.M. Best Schedule P deliver?
- The two probabilistic modelling frameworks of ICRFS-Plus™:
- Probabilistic Trend Family (PTF) and
- Multiple Probabilistic Trend Family (MPTF)
See how ICRFS-Plus™ empowers you to answer questions like:
- Are our company's loss costs similar to our competitors?
- Was Tower Group's collapse predictable years before?
- Are our company's trends, risk diversification, and losses similar to our competitors?
- Is our company's reinsurance effective?
- Which companies should we target for reinsurance or acquisition?
- What correlations should we use to calculate our risk diversification?
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