Guy Carpenter & Company, a leading global risk and reinsurance specialist, has announced the availability of current upgrades to its proprietary MetaRisk modelling software tools.
MetaRisk Reserve 5 and MetaRisk 9 are the latest versions of its 2013 patented capital modelling tools, which the company states are built on more than 25 years of research and development.
“As insurance companies in an increasingly complex business environment look for competitive advantage, the updates illustrate (our) commitment to innovation,” said Steve White, chief actuary and head of enterprise analytics for Guy Carpenter.
According to a company release, MetaRisk Reserve 5 adds an application program interface (API) that integrates with existing modelling interfaces to fully automate reserve risk study – this in turn enhances actuary performance by allowing improved critical analysis. The latest Reserve version also expands aggregation capabilities and facilitates cloud computing capabilities to align with emerging industry trends.
In addition, MetaRisk Reserve uses a unique system for determining loss reserves and the current version adds measurements of inflationary trends to capture loss impact. Combined with traditional modelling capabilities that have long been used as the industry standard, it provides a current, comprehensive, and transparent representation of reserve quality.
Meanwhile, MetaRisk 9 complements the Reserve update with enhancements aimed at improving simulation times by 20% to 30%. It also allows the use of external tables of operations and parameters to create or update objects to improve automation. Additional enhancements in the areas of correlation and indexes further the software’s capital modelling capabilities.
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