ReservePrism is a joint venture between Goouon and several other outstanding acturial consulting firms. We believe this is the future of Loss Reserving, Pricing, and Actuarial Modeling.

ReservePrism@2011 is an advanced enterprise loss reserving and pricing platform. Given either real claims or real triangles, ReservePrism analyzes, parameterizes, and fits them into its advanced R simulation engine, which produces claims that have the same statistical essence (e.g. lags, payments, frequency, case reserves, adjustment, etc) as your claim data or triangle. Finally, by analyzing those synthetic claims, ReservePrism will then yield distributions of reserves by accident year, calendar year and all years combined.

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Insurance Enterprise Risk Management system (I-ERM) is still under development.

 

It serves the insurance company’s CEO, CFO, Chief Risk Officer and Chief Actuary. It provides an in-depth stochastic analysis of the insurance company’s potential operation risks. It covers underwriting, investment, tax and financial statements. We endeavor to provide the most comprehensive software for managing the many diverse functions that enable insurance companies to have the right information at the right time to make the right decisions.

Our SOX compliance software DEPICT provides visualized, simplified and comprehensive enterprise process management to assist the company-wide risk control... 

 

Depict exposes BI and performance management insights in several ways, including a portal-like Web-based EPM workspace. Depict will  replace spreadsheet and other disparate business tools to greatly enhance your decision making process and reduce your budget for enterprise operations and risk controls.

 

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Goouon has signed research agreement with Casualty Actuarial Society (CAS) to develop the Public Loss Simulator.

 

The Public Loss Simulator models the loss process at the claim transaction level, rather than by modeling statistics of the loss process such as loss triangles. We describe the loss process in terms of the distributions of

(a) number of incurred losses, as a function of time and exposure,

(b) size of each loss, i.e. severity, from the viewpoint of the claimant,

(c) the probability that the insurer will be liable for payment of the loss,

(d) the effect of deductibles, limits, etc., on the amount for which the insurer is liable,

(e) the lag between the dates a claim is incurred and is reported,

(f) the lag between claim reporting and payment,

(g) any "error" in payment amount that may require later correction, usually a subrogation or recovery,

(h) the lag between the original payment and receipt or payment of any later adjustment,

(i) the value assigned to the case reserve at first notice of each loss,

(j) the lag from one valuation of each loss to the next during the period between reporting and payment, and

(k) the error between the valuation of a loss and its true value at various points in time between reporting and payment, and

(h) correlation between lines, as well as correlations between payment lag and loss size.

As described, this model applies to insurance coverages of the kind that typically involve losses with a single payment followed by a single recovery, such as automobile physical damage. The model also to applies to coverages that involve losses with multiple periodic payments, such as Workers’ Compensation indemnity, and random multiple payments (such as Medical Expense).

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