On Wednesday, global consulting and actuarial firm Milliman announced it has launched its new cloud-based insurtech solutions process, Arius Enterprise. According to the company, Arius Enterprise is part of its Arius family of solutions and relies on the 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. Key features of Arius Enterprise include:
Easy access to data using Microsoft’s secure cloud-based Azure platform- A centralized database that stores, shares, and manages data for accurate and effective analysis
- Automated tasks throughout the reserving cycle, including automatic roll-forwards
- Proper internal controls and tracking of all user activity through audit trails
- Consolidated reporting together with executive-level dashboards and exhibits generated in Microsoft Power BI, promoting greater transparency and more informed decision-making for both analysts and other stakeholders
While sharing more details about the process, Ken Scalf, Milliman’s Product Leader of Property and Casualty Reserving Software, commented:
“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.”
Scalf then added:
“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.”