ICRFS™ brochures and educational publications

ICRFS™ Software Suite brochure

ICRFS™ is a high-powered analytical and data management system and
the only actuarial software which treats insurance data arriving in calendar time
as an essential feature of its modeling solutions. Designed with the P&C actuary and
senior executives in mind, results are delivered in seconds.

The software is:

• 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

You can download this brochure here.

The PTF Modeling Framework

Get the complete perspective

• With scientific insights, take action
• Data, distributions and diagnostics
• Mitigating Model Specification Risk
• Insight into your business
• Maximize the value of your data
• Importance of Calendar trends!

You can download this brochure here.

7 Reasons to ditch link ratios

• Link ratios cannot measure calendar year social inflation
• The assumptions are rarely met by the data
• No insight into trends in the business
• Too slow to review
• No connection to the risk characteristics of the data
• No early warning system
• No way to determine whether an answer is good, bad, or ugly

You can download this brochure here.

Relational databases

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

Read more about how ICRFS™ 2023 is enhancing data management.

You can download this brochure here.

ICRFS™ Importer

Access information instantly

• Connect large repositories of unit record data with ICRFS™
• Extract all database variables
• Create triangles at any granularity for analysis
• Convert claims table data into loss development triangles
• Aggregate:
  • Across all values of variable
  • By particular values
  • Across multiple categories and values

You can download this brochure here.

Modeling multiple long-tail liability lines

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!

You can download this brochure here.

Solvency II – one year and ultimate year
risk horizons for long-tail liabilities

• Economic Balance Sheet
• Solvency II Capital Requirement (SCR)
• Technical Provisions
• Market Value Margins (MVM)
• IFRS 17
• Fungibility and Ring Fencing
• Consistency of metrics on updating
• One year ahead metrics
• Variation in Mean Ultimate

You can download this brochure here.

Pricing: Segments, Layers and Reinsurance

• 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!

Additional developments in the ICRFS™ Reinsurance module are discussed here.

You can download this brochure here.

Reinsurance

• Risk capital management
• Pricing multiple reinsurance contracts
• Flexible bespoke structures
• Optimal capital retention
• Reserves net of Reinsurance
• and more!

You can download this brochure here.

Understanding correlations and common drivers

• Purpose of correlation measures
• Correlations are model dependent
• Common accident year and calendar year drivers versus correlations
• Impact of accident year drivers on pricing
• Spurious correlations
• Real life case studies!

You can download this brochure here.

Link ratios, Mack, Murphy, Over-Dispersed Poisson,
and the bootstrap technique

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!

You can download this brochure here.

Did poor methodology sink Tower Group?

Tower Group: a failure in progress since 2007

• A new calendar year trend that emerged in 2006 was steadily eroding their financial position and
  culminated in the failure of Tower Group in 2013 when under-reserving was finally noticed.
• What took experts and stakeholders so long to see the problem?
• Statistical models which describe calendar year trends in the data clearly demonstrate
  Tower Group was sinking way back to 2009!
• Commonly used methodologies do not measure calendar year trends.
• Using the right modeling tools in 2007 could have saved Tower Group. By 2011 it was far too late.

You can download this brochure here.

Best's Financial Suite - P/C, US

Exclusive to Best's Financial Suite - P/C, US subscribers

Empowered with this application you will obtain:

• Offline access to Best's Financial Suite - P/C, US long-tail liability lines and derived financial metrics
• Pre-calculated critical financial information including:
  • Reserves Held,
  • %IBNR,
  • Total Loss Ratio,
  • Survival Ratios,
  • and more!
• Drill down by classification variables and sort metrics to glean hidden insights
• All available Best's Financial Suite - P/C, US loss development arrays
• Additional Reserves Held and Ultimates Held triangles (where they can be calculated)
• All analytical tools included in ELRF™

Construct a complete picture of a company’s reported liabilities, their holdings, and their financial positioning in the industry.

ELRF™ Best's Schedule P is free with a Best's Financial Suite - P/C, US subscription.

You can download this brochure here.

ICRFS™ Best's Schedule P

ICRFS™ Best's Schedule P is a premium application adding the innovative probabilistic modeling frameworks of ICRFS™ to the Best's Financial Suite - P/C, US data.

ICRFS™ Best's Schedule P requires ELRF™ Best's Schedule P and an active Best's Financial Suite - P/C, US subscription. Please contact us for more information.