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Old 04-08-2009, 03:23 PM
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Default Reserve Software

We're looking to purchase reserving software at my company in the not too distant future. I took a test spin of EMB's ResQ and really liked it, and it isn't too expensive, but we've been talking about looking at other vendors as well.

Do you work with an actuarial reserving software? What are some of its pros and cons. Does it allow for easy diagnostic testing (e.g., paid to incurred ratio tables)?

I look forward to hearing what else is out there.
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Old 04-08-2009, 03:35 PM
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We looked a Milliman's Reserve Pro suite of things, but we ultimately decided that designing our own templates in Excel was the way to go. You have to go over it with a fine tooth comb the first couple of times you use it, but you can customize it so much easier to add a new method (we've added regression analysis and Munich chain ladder the last 2 years, plus stochastic type methods) and design exhibits or lines of business that exactly fit your needs.

YMMV, though, especially if you are in a 'standard insurer' situation, where you aren't worrying about things like foreign currencies or weird coverages.
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Old 04-14-2009, 01:25 AM
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Quote:
Originally Posted by MountainHawk View Post
We looked a Milliman's Reserve Pro suite of things, but we ultimately decided that designing our own templates in Excel was the way to go. You have to go over it with a fine tooth comb the first couple of times you use it, but you can customize it so much easier to add a new method (we've added regression analysis and Munich chain ladder the last 2 years, plus stochastic type methods) and design exhibits or lines of business that exactly fit your needs.

YMMV, though, especially if you are in a 'standard insurer' situation, where you aren't worrying about things like foreign currencies or weird coverages.
I agree with this post. Unfortunately our corporate officers wasted money on Reserve Pro anyways (despite our comments on it not bringing any additional value). Reserve Pro is really nothing more than a expensive report maker. All of the models can be done in Excel with even more ease than Reserve Pro.
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Old 04-14-2009, 08:56 AM
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Several years ago, I sat through a presentation of Zenwirth's ICRFS suite. It looked excellent back then, and is probably better now. However, it was expensive, and we didn't go for it because it was much more sophisticated than what we needed. But if money is not a concern, take a look at the link below.

http://www.insureware.com/Products/I...ses/plus10.php

Last edited by oirg; 04-15-2009 at 07:42 AM..
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Old 04-14-2009, 09:23 AM
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I agree with this post. Unfortunately our corporate officers wasted money on Reserve Pro anyways (despite our comments on it not bringing any additional value). Reserve Pro is really nothing more than a expensive report maker. All of the models can be done in Excel with even more ease than Reserve Pro.
The one thing a package like this might bring is SarbOx compliance type audit trails. We aren't publicly traded, so I don't have to deal with SarbOx, but if you do, it would be the #1 thing I looked at/asked a compliance officer to look at in a reserving package.
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Old 04-14-2009, 11:56 AM
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We have done financial examinations in the past, and sometimes company can't give us support for their reserves because they use this software.
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Old 04-14-2009, 12:27 PM
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We have done financial examinations in the past, and sometimes company can't give us support for their reserves because they use this software.
It doesn't produce exhibits a regulator would want to see?
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Old 04-14-2009, 06:11 PM
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Quote:
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The one thing a package like this might bring is SarbOx compliance type audit trails. We aren't publicly traded, so I don't have to deal with SarbOx, but if you do, it would be the #1 thing I looked at/asked a compliance officer to look at in a reserving package.
I am actually in charge of our Actuarial Related SarbOx controls and I do everything in Excel and quite efficiently. I can see how Reserve Pro can be utilizes for auditing and such but I don't see it being significantly better than Excel.

The only REAL advantage to Reserve Pro (IMHO) is that it is less prone to have mistakes in formulas than an excel exhibit might. However, this can be easily overcome by taking extra time to ensure the excel exhibit is accurate and then from that point on the felixibility that Excel provides over Reserve Pro significantly outweigh the benefit.
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Old 04-14-2009, 06:24 PM
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i agree with MH and UCSD-i prefer to build and internally confirm the calcs. allows more flexibility.
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Old 04-15-2009, 07:33 AM
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I have experience with EMB's ResQ, Milliman's ReservePro, and Milliman's Affinity.

The first two are quite similar, good at doing many standard lines of business but bad when you want to add more flexibility.

Affinity is quite different. It is an Excel Add-in, so it offers much of the flexibility of Excel but also, when programmed correctly and less flexibly, offers fairly fast updating of results. Likewise, it decreases the efficiency of doing multiple lines.

One advantage to all of them is that the consultant's will be HAPPY to show them to you for free so take advantage before buying.
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