Global consulting and actuarial company Milliman has released Arius Enterprise, the next generation of advanced analytics software for loss reserving for the insurance and reinsurance industry.

Arius Enterprise is part of Milliman's Arius family of solutions and relies on the industry-leading Arius software to provide the analysis and modeling tools that today's sophisticated actuarial departments have come to depend on to keep their business ahead of the competition.

The release of Arius Enterprise specifically addresses challenges facing actuarial departments in mid-to-large insurance companies, including process inefficiencies, data management, workflow, reporting, and compliance. Key features of Arius Enterprise include:

Easy access to data using Microsoft's secure cloud-based Azure platform

A centralized database that stores, shares, and manages data for accurate and effective analysis

Automated tasks throughout the reserving cycle, including automatic roll-forwards

Proper internal controls and tracking of all user activity through audit trails

Consolidated reporting together with executive-level dashboards and exhibits generated in Microsoft Power BI, promoting greater transparency and more informed decision-making for both analysts and other stakeholders

"As the insurance industry faces disruption from evolving technology, our goal is to provide a cloud-based solution that will streamline companies' reserving processes and create much needed efficiencies," said Ken Scalf, Milliman's product leader of property and casualty reserving software. 

"With Arius Enterprise, we have an InsurTech system that provides consistency, reliability, and control, so that actuaries can focus their time where it's most needed."