Actuarial wish list
Meeting a group of chief actuaries last week, I asked them: What is your wish-list for an actuarial workbench.
Following my series of "rethinking DADA", I get to the second letter A. A standing for actuarial.
Having the opportunity to ask a dozen chief actuaries, I wanted to know one thing only: What is your wish-list of an actuarial workbench, what is your wish-list if it comes to a reserving tool as an example.
The scene was open - and I was lucky to hear only topics we are already having in the RiskAnalytics platform:
- First automated reserving analysis.
Think of using the batch feature of RiskAnalytics or applying a method to several triangles. - Roll forward from last period of data, parameters, comments.
Comparing is made easy for parameter as well as results. - Versioning of data.
Parameters are locked if a result is based on them. - Actual vs. Expected.
Again: Using the compare feature in RiskAnalytics, or applying the automated diagnostics in the reserving tool. - Data Store.
Yes, no txt files, please, but rather a solid database. Either using the one shipped with PillarOne or whatever suits you. - Extending existing models and implementing new ones.
The source is open. The stage is yours. - Reporting interface.
PillarOne talks Jasper talks any interface you can dream of. - Ranges.
In Reserving, just apply the appropriate method. In RiskAnalytics, just run the simulations. - Manual adjustments.
No, sorry, we can't do this ... but the audit trail will tell you who made the changes!
No comment. Big smile!
Markus M.
