Best's Financial Suite P/C, US and
Insureware's Analytical Tools: PTF
Insureware created ICRFS™ Best’s Schedule P 2021 for those actuaries who want to extract even more value from the Best's Financial Suite P/C,US data. This application requires a valid subscription to Best's Financial Suite P/C, US.
This premium application from Insureware adds the innovative Probabilistic Trend Family (PTF) and Multiple Probabilistic Trend Family (MPTF) modeling frameworks of ICRFS™ to the functionality of ELRF™ Best’s Schedule P 2021.
The Probabilistic Trend Family (PTF) modeling framework applied to Best's Financial Suite P/C, US data
In the Probabilistic Trend Family (PTF) modeling framework, a parsimonious model is identified that describes the trends in the three directions (development, accident, and calendar), along with the volatility about the trend structure.
Unlike other actuarial solutions, a PTF model is not pre-defined but rather is tailored to each company's data. This enables the tool to extract the salient statistical features of any loss development array and produce meaningful results for all aspects of the liability distributions. Any modeling assumptions can be tested and verified that they are supported by the data.
PTF models allow the analyst to:
- identify trends in the three directions (development, accident, and calendar);
- measure the volatility around the trends; and
- be confident that the features of the data are fully encapsulated by the model - both trends and volatility.
Insureware's modeling framework includes a modeling wizard which quickly generates starting models describing the essential features of the data.