New functionality in ICRFS™ 2018 includes the following
- ICRFS can now communicate directly with external data sources compatible with the ICRFS data framework. These sources can be in unit record format or summarised by cell. Database administrators can use the ICRFS utility to create the tables mapping the source data to ICRFS data.
- Databases using external data sources are dynamic and data are automatically updated if the external source data change.
- Data wizards are provided to quickly generate any triangle groups (links to triangles, exposures, premiums) that an actuary or analyst may need for pricing or reserving purposes.
- Find out more.
PALD setup for MPTF now allows for a selection of all the forecast combinations that the user wishes to be included in the output. PALD can be run once, and simulation results obtained for all aggregates selected. These aggregates can also be included in report templates.
ICRFS™ 2018 substantially extends the flexibility of the Reinsurance module of ICRFS™ 2016. Reinsurance not only handles typical Adverse Development Cover on an entire book of business (whether prospective or retrospective), but also can handle a myriad of additional structures of LPTs, Adverse Development Covers, or a combination thereof.
- Groups of Accident/Underwriting periods can be split into separate contracts
- Periods do not have to be contiguous
- each contract can specify:
- number of layers
- proportions taken by each layer
- calendar periods the contract applies for
- applicable discount rates
- calendar periods can now be set to begin in historical periods (ie preexisting Reinsurance contracts if modeling gross data)
- reinsurance settings can be saved into the ICRFS™ database associated with forecasts
- risk capital allocation (MPTF) showing the updated allocation to each Line of Business assuming the Reinsurance is in effect
- Find out more.
- Various COM functions added and improved
IFRS 17 for Insurance contracts
The IFRS 17 Accounting Standard, due to be implemented in 2021 will have a significant effect on the way that all insurers treat their asset and loss portfolios.
At Insureware we are working to ensure that our reserving and risk management products are fully adapted to the IFRS 17 specifications. Some of the requirements affecting non-life insurers are already incorporated into ICRFS™ data-handling and analytics content production. The remainder are due to come on line in ICRFS™ 2018 and its successor.
Read more here to find out more.