Enhance Reliability and Efficiency with addactis® IBNRS®

In the world of actuarial science, automation plays a crucial role in optimizing processes and meeting the increasing challenges faced by actuaries.

One such challenge is project consolidation, where they perform individual analyses for multiple lines of business and subsequently consolidate the results for all of them.

Automating this task is important to enhance reliability, efficiency, and regulatory compliance. Manual processes increase the risk of errors and cause delays in financial closing. Automation reduces errors, saves times, and ensures compliance through built-in-checks and validation process.

How addactis® IBNRS® revolutionizes the process of adding projects to a consolidation, ensuring enhanced reliability, improved security, and compliance with regulatory standards?

When it comes to project consolidation, the basic use of Excel® can impose a significant time burden and introduce a higher risk of errors.

Let’s take an example of a file that consolidates the reserves of several branches that have the same geometry and are all calculated using Chain Ladder methods.

Adding a new branch can be a lengthy process in Excel. If the branch has a different calculation method and another geometry then the result table will have to be reformatted and the formulas adapted.

The manual process of adding a new project, with different calculation methods or different geometry, involves tedious tasks like reformatting result tables and adjusting formulas.

These manual interventions increase the likelihood of errors and inconsistencies creeping into the consolidation process.

So how can you streamline your project consolidation with automation and how addactis® IBNRS® simplifies the Reserving process?

By choosing addactis® IBNRS®, you gain several benefits:

• It offers increased reliability, as calculations are carried out systematically, minimizing the risk of errors and inconsistencies.
• It provides enhanced security for your data, ensuring the confidentiality and integrity of sensitive information.
• It ensures compliance with standards and regulatory requirements, such as IFRS and Solvency II.
• It offers the possibility to calculate the consolidated results required on reporting such as IFRS 17 methodology.

In other terms, the software automatically adjusts all result tables, eliminating the potential for human error and ensuring seamless integration of the new project’s geometry.

Addactis experts present in this series of articles the 4 key reasons why implementing the addactis® IBNRS® solution will benefit actuaries in their work and the way they manage their reserving process.