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addactis® IBNRS® includes a wide range of reserving methods, from the most standard ones such as Chain Ladder, De Vylder, Bornhuetter-Ferguson, GLM, Bootstrap, etc. to the most innovative methods like RJMCMC. But we are constantly working on implementing new methods as well as improving the current ones. Since version 3.0, ADDACTIS® IBNRS® also includes a genuine claim-by-claim reserving method.
There are several ways to import your data into our reserving software: The “Automatic excel import” functionality allows to import multiple data files with just one click once you have specified the structure of your input data, the import format can then be saved for further uses. Moreover, addactis® IBNRS® is fully integrated with our ADDACTIS® Workflow solution to automate your reserving process from data extraction to reporting. But for more ad hoc projects it’s also possible to simply copy and paste triangles in the input data module.
addactis® IBNRS® includes an Excel export tool which creates an Excel files with all the selected results present in the IBNRS file.
But users can also use our custom library and addin to create their own reporting templates which will always be up to date thanks to the direct link between addactis® IBNRS® and Microsoft Excel.
addactis® IBNRS® is designed to provide users with full audit trail and security checks. Information regarding the date and nature of every modification made to a project since its creation can be displayed and exported from the audit trail window.
If the current IBNRS session has not been closed it is also possible to revert the project back to a previous state, undoing all the modifications made since then.
addactis® IBNRS® has a consolidation mode which enables the user to gather several IBNRS files in one project according to a specific segmentation. It is then possible to aggregate results or input data at any level of granularity while keeping the original results in the individual project files. The consolidation mode also provides a segmentation tree-view to easily navigate between multiple projects.
Focus on claim-by-claim reserving methods
When using aggregated data you face a lot of issues: is the granularity correct? Do claims within a single cell really follow Chain Ladder assumptions? How to apply non-proportional reinsurance? These are some of the issues that can be solved by claim-by-claim reserving methods. Moreover, the main problem we see in reserving when we try to apply complex models is over-parameterisation. Because the basis of the estimates comes from aggregated data, the more complex reserving models have too many parameters and too few observations. When we have thousands or millions of individual claims information, we have lots more data to feed our model and so can avoid over-fitting and create more appropriate parameters. addactis® reserving team