R3S Non-Life Standard Code

R³S Non-Life Standard Code

Simplif ying the complexit y of actuarial, regulator y and risk-based implementations.

What is Non-Life Standard Code in

R³S Modeler?

Non-Life Standard Code combines a variety of actuarial reserving methods and our powerful modeling platform (R³S Modeler) to make it a fully modular, highly flexible and transparent integrated solution that goes beyond other black-box style tools.

It brings together the LIC (Liability for Incurred Claims) and LRC (Liability for Remaining Coverage) models and makes them available on a single, convenient platform that provides valuable new insights into your business.

In LIC model, deterministic results are combined with distributions of possible outcomes from stochastic methods. This can provide you with an understanding of where within percentile ranges your estimates might fall, as well as a measure of the potential variability in your estimates.

In LRC model, using the distribution fitting approach, you can calculate a distribution of your future expected losses. This can produce estimates of future cash flows for your remaining coverage (i.e. unexpired risk).

Ultimately, Non-Life Standard Code can be used to model the nuances of your particular business and provide actionable information that can be used to support complex business decisions.

Also, it can dramatically reduce the time and effort required for companies to prepare data and models; therefore, this allows you to focus more on analysing the model results.

It can be used for core reserving applications as well as in conjunction with our other R³S packages, such as the R³S IFRS 17 Package and/or the R³S Solvency II Package.

R3S NON-LIFE STANDARD CODE

R³S Non-Life Standard Code

RNA Analytics has extended its established expertise in risk modeling and data management to the non-life industry with R³S Non-life Standard Code.

R³S is the brand name of our software suite and R³S Modeler is an actuarial modeling software platform that enables users to build their own model. It comes with an extensive library called Standard Code for various calculations and processes.

The R³S Non-life Standard Code is a collection of the loss reserving calculation modules for Non-life (re) insurers.

R³S Non-Life Standard Code

Key Benefits:

No need for extra/external actuarial calculation tools from outside of R³S.

Comprehensive library of pre-built components are ready to use.

Programmable anywhere as needed;Can be connected with any other models;

Framework based on modules; and Easy customisation.

Any R³S user can see the actual codes behind the model.

Fully automated process from data to output:

• increase process efficiency and speed; and

• reduce operational risk significantly.

Regular updates will be provided not only for enhancements but also for changes in standards and regulations.

R3S NON-LIFE STANDARD CODE No extra tools needed 01 Extensibility 04 Transparency 05 Automation 06 Periodical updates 07 Ease of use 02 Flexibility 03 R³S Non-Life Standard Code