Top 5 Predictive and Stochastic Claims Reserving Tools for Insurance Professionals
Non-sponsored, Expert Verified and Transparently Ranked 5 Predictive and Stochastic Claims Reserving Tools for Insurance Professionals
Executive Summary
We analyzed 5 solutions. Top Recommendation: Risikoløsninger by WTW scored highest due to Mid‑to‑large P&C insurers and reinsurers seeking scalable, auditable reserving. Proven adoption (500+ companies) and automation with Unify improve governance, while the stochastic add‑on quantifies reserve ranges and uncertainty; Machine‑led Reserving speeds consistent selections [1], [2], [3].
At a Glance
RisikoløsningerbyWTW
Best for: Mid‑to‑large P&C insurers and reinsurers seeking scalable, auditable reserving. Proven adoption (500+ companies) and automation with Unify improve governance, while the stochastic add‑on quantifies reserve ranges and uncertainty; Machine‑led Reserving speeds consistent selections [1], [2], [3].
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WTW
Company Information
Company Overview
Company Details
Trust & Compliance
Key Value Propositions
- Expertise in multiple industries
- Tailored solutions for employee compensation and benefits
- Innovative approaches to risk management and capital release
Industries Served
Technical Information
Summary
Risikoløsninger fra WTW (Willis Towers Watson) tilbyr systematisk risikostyring og risikooptimalisering for å hjelpe kunder med å skape verdier og møte nye utfordringer, inkludert markedsmessige, regulatoriske og geopolitiske endringer.
Overview
Willis Towers Watson har nærmere 200 års erfaring med å bistå våre kunde med å skape verdier gjennom et systematisk risk-management arbeid og risikooptimalisering. Våre kunder vet at Willis Towers Watson bruker sin kunnskap, kompetanse og erfaringer for å ivareta kundenes interesser. Våre innovative og nyskapende løsninger, bidrar til at kundene er forberedt på å møte nye utfordringer og endringer enten det er markedsmessige- regulatoriske eller geopolitiske endringer.
Best For
Mid‑to‑large P&C insurers and reinsurers seeking scalable, auditable reserving. Proven adoption (500+ companies) and automation with Unify improve governance, while the stochastic add‑on quantifies reserve ranges and uncertainty; Machine‑led Reserving speeds consistent selections [1], [2], [3].
Key Features
- Rådgivning og løsninger innen risikostyring
- Tilgang til spesialiserte risikoprodukter og -tjenester
- Bruk av risikomodeller og teknologi
- Bredt spekter av forsikrings- og finansielle risikoprodukter
Key Benefits
- Systematisk risk-management arbeid
- Risikooptimalisering for verdiskaping
- Innovative og nyskapende løsninger
- Forbereder kunder på markedsmessige, regulatoriske og geopolitiske endringer
- Bistand fra et selskap med nærmere 200 års erfaring
Who Is It For
- Selskaper og organisasjoner som ønsker å frigjøre potensialet gjennom effektiv risikostyring
- Kunder som har behov for å møte nye utfordringer og endringer i markedet
Features & Modules
Risk
Willis Towers Watson har nærmere 200 års erfaring med å bistå våre kunde med å skape verdier gjennom et systematisk risk-management arbeid og risikooptimalisering. Våre kunder vet at Willis Towers Watson bruker sin kunnskap, kompetanse og erfaringer for å ivareta kundenes interesser. Våre innovative og nyskapende løsninger, bidrar til at kundene er forberedt på å møte nye utfordringer og endringer enten det er markedsmessige- regulatoriske eller geopolitiske endringer.
Risk solutions
Oversikt over ulike risikoløsninger som tilbys av WTW, inkludert Affinity, Captive-løsninger, Ansvar, Risikomodeller og -teknologi, Kreditt-, politisk risiko- og terrorismeforsikring, Cyberforsikring, Financial & Professional Risks (Finex), Helse og trivsel, Forsikringsrådgivning og teknologi, Investments, Fusjoner og oppkjøp (M&A), Personforsikring og privatkunder, Bygning/eiendom(ting) og avbruddsforsikring, og Pensjon.
- Affinity
- Captive - og captiveløsninger
- Ansvar
- Risikomodeller og -teknologi
- Kreditt-, politisk risiko- og terrorismeforsikring
- Cyberforsikring
- Financial & Professional Risks (Finex)
- Helse og trivsel
- Forsikringsrådgivning og teknologi
- Investments
- Fusjoner og oppkjøp (M&A )
- Personforsikring og privatkunder
- Bygning/eiendom(ting) og avbruddsforsikring
- Pensjon
Available In
Insureware
Company Information
Company Overview
Company Details
Contact Information
Trust & Compliance
Key Value Propositions
- Fast and intuitive software solutions
- Effective risk management and pricing tools
- Compliance assistance for IFRS 17 and Solvency II
- Customized modeling frameworks for risk analysis
Industries Served
Technical Information
Social Links & Discovery
Target Customers
Summary
ICRFS™ is a comprehensive statistical software platform that enables actuarial teams to understand, forecast, and manage long-tail liability risks. It unifies data, models, forecast scenarios, notes, and report links within navigable databases, supporting accurate and timely delivery of risk metrics and model risk qualification.
Overview
ICRFS™ is Insureware's flagship statistical software designed for actuarial departments to manage, analyze, and forecast long-tail liabilities. It provides a scientific approach to risk metrics, model risk mitigation, and strategic decision-making for insurance and reinsurance companies.
Best For
Specialty and long‑tail carriers needing rigorous stochastic reserving across multiple lines. PTF quantifies mean and variability simultaneously, while composite models capture correlations, risk capital, and Solvency II/ORSA metrics for enterprise decisioning [1], [2].
Key Features
- Stores data, models, forecast scenarios, notes, and report links in navigable databases
- Supports multiple lines of business (LOBs)
- Probabilistic Trend Family (PTF) modeling framework for unified mean and variability quantification
- Multiple Probabilistic Trend Family (MPTF) for composite modeling and correlation measurement
- Includes ELRF™ modeling frameworks: Extended Link Ratio Family (ELRF), Link Ratio Techniques (LRT), Aggregate Link Ratio Techniques (ALRT), and others
Key Benefits
- Understand drivers of past experience and foresee effects on future metrics
- Comprehensive view of multiple liability streams
- Calculate data-driven correlations, risk diversification, ORSA, and Solvency II risk metrics
- Strategic advantage over competitors
- Accurate and timely metrics for senior management
- Mitigate model risk
Who Is It For
- Actuarial departments
- Insurance companies
- Reinsurance companies
- Senior management requiring liability risk metrics
Use Cases
- Reserving and pricing (underwriting)
- Assessing reserve, underwriting, and combined risk
- Risk capital allocation
- Estimating correlation and risk diversification credit
- Monitoring and responding to trends
- Solvency II, ORSA, and related risk capital calculations for long-tail liabilities
- Designing optimal reinsurance programs (prospective and retrospective)
- Modeling multiple lines, segments, or layers
Features & Modules
It's time for a scientific approach
Insureware's flagship statistical software is for those actuarial departments that need to: know where the company's long-tail liabilities are heading; deliver accurate and timely metrics for senior management; and qualify and mitigate model risk. Data, models, forecast scenarios, notes, and links to reports are all stored within easily navigatable ICRFS™ databases.
- Know where the company's long-tail liabilities are heading
- Deliver accurate and timely metrics for senior management
- Qualify and mitigate model risk
Get future-proof solutions
Extensive risk metrics in ICRFS™ for multiple LOBs allows companies to: Understand the drivers of past experience and foresee their effects on future metrics; Grasp the complete perspective of multiple liability streams; Calculate data driven correlations, risk diversification, ORSA, and Solvency II risk metrics; Gain strategic advantages over competitors.
- Understand the drivers of past experience and foresee their effects on future metrics
- Grasp the complete perspective of multiple liability streams
- Calculate data driven correlations, risk diversification, ORSA, and Solvency II risk metrics
- Gain strategic advantages over competitors
Solutions are developed for
ICRFS™ solutions are developed for a wide range of actuarial and risk management tasks.
- Reserving and pricing (underwriting)
- Assessing risk: reserve, underwriting and combined (reserve + underwriting) risk
- Risk capital allocation
- Estimating correlation and risk diversification credit
- Monitoring trends and responding quickly to new trends
- Solvency II, ORSA, and related risk capital calculations for long-tail liabilities
- Designing optimal reinsurance programs (prospective and retrospective) for insurers and reinsurers
- Modeling multiple lines, segments, or layers
Modeling frameworks
Insureware's Probabilistic Trend Family modeling frameworks are unique in quantifying both the mean and variability using the same model. Volatility and best estimates are unified in one simple methodology.
- Probabilistic Trend Family (PTF): Trends in development period, accident period, calendar period, plus variability
- Multiple Probabilistic Trend Family (MPTF): Composite model for multiple arrays and correlation measurement
- Other frameworks: ELRF™, LRT, ALRT, and more
Akur8
Company Information
Company Overview
Company Details
Key Value Propositions
- Boost pricing and reserving processes by up to 10x
- Achieve combined ratio improvements with better models
- Gain confidence with visibility and control
Industries Served
Technical Information
Social Proof
Customer Testimonials
Akur8’s value very quickly came to light. Modeling speed is 5x faster, while keeping a thoroughly transparent and auditable process. The user-friendliness of the interface and the collaborative aspect of it are a great asset for the team, making it very easy-to-use, while enhancing internal communication.
Akur8 allows for a reduction in modeling time, enabling us to build new prices much faster and significantly decreasing our time-to-market, while increasing the productivity of our team.
Trusted By
Social Links & Discovery
Social Media
Target Customers
Summary
Akur8 Reserving provides a suite of cloud-based tools for insurance reserve analysis, enabling actuaries to automate, manage, and optimize their reserving and data processes. The platform offers advanced stochastic and deterministic modeling, customizable reporting, and real-time calculations, all within an intuitive and user-friendly interface.
Overview
Akur8 Reserving is a comprehensive insurance reserving platform designed for modern actuaries. It modernizes the reserve analysis process by replacing risky spreadsheet-based analysis with advanced stochastic modeling and robust deterministic solutions, adding efficiency, reliability, and automation throughout the reserving workflow.
Best For
Carriers modernizing reserving to a governed cloud stack. Centralized data, auditability, and Power BI reporting enhance control, while deterministic and stochastic models reduce spreadsheet risk and bring richer uncertainty analysis into standard workflows [1], [2], [3].
Key Features
- Advanced stochastic and deterministic modeling
- Customizable reports and exhibits
- Templates for consistent analysis
- Automated data import and management
- Cloud-based platform with governance and security
- Project management and automation across projects
- Analysis and reporting database
- Allocation capabilities
- Data querying and management tools
Key Benefits
- Modernizes and automates the reserving process, reducing reliance on spreadsheets
- Enables reserving 4x faster than traditional methods
- Customizable and user-friendly interface for seamless implementation
- Real-time deterministic calculations and fast simulations
- Consistent analysis and reporting across users
- Supports regulatory and audit requirements for internal control
- Industry-leading support from actuaries and data science experts
Who Is It For
- Actuaries
- Insurance companies (general, health, commercial, personal lines, MGAs, insurtechs)
- Reserving teams seeking to modernize and automate their processes
Features & Modules
The Complete Insurance Reserving Platform for Modern Actuaries
Find the Akur8 Reserving solution set that's right for your team and your business
Akur8 Reserving offers Arius, Arius Enterprise, and Triangles on Demand to address different reserving needs.
- Arius: Analyze reserves more efficiently and reliably
- Arius Enterprise: Automate, manage and optimize your reserve analysis and data processes
- Triangles on Demand: Instantly turn millions of claims records into triangles
What makes Akur8 Reserving unique?
- Modern technology: Add reliability and efficiency to your reserve analysis; eliminate reliance on old-fashioned spreadsheets. Get exactly the reporting you need, including easily customized reports and exhibits. Deterministic calculations happen in real time, and simulations run hundreds of times faster than in spreadsheet models.
- Ease of use: Seamless implementation process, get started in hours, not weeks. Intuitive, customizable, and user-friendly interface. Easily parameterize sophisticated models.
- Track record / expertise: Industry-leading team of actuaries, industry experts, and engineers. Assistance from basic training to a complete redesign of your reserving process.
Benefit from the efficiency and reliability of a modern reserving solution
- Reserve 4x faster: Automate routine parts of the reserving process. Put tools directly in your team’s hands. Provide executives with consistent information quickly.
- Reserve with flexibility: Tailor Akur8 Reserving to fit your workflow. Customize reports or exhibits. System manages your reports and exhibits.
- Reserve with confidence: Templates assure consistent analysis. Accurate information for confident decision-making. Satisfy regulatory and audit requirements.
Capabilities
Akur8 Reserving offers a range of capabilities including analysis templates, reserving model library, actuarial function library, customization, data management, automated data import, cloud-based platform, governance and security, project management, automation, reporting database, and allocation capabilities.
- Analysis Templates
- Reserving Model Library
- Actuarial Function Library
- Customization Capabilities
- Data Management
- Data Querying
- Automated Data Import
- Cloud-Based
- Governance and Security
- Project-Management
- Automation across Projects
- Analysis / Reporting Database
- Allocation Capabilities
Onboard with Akur8
Rely on advanced security & compliance standards
Frequently Asked Questions about Akur8’s insurance reserving platform
- What does Akur8’s insurance reserving platform do?
- What are the benefits of the Akur8 reserving solutions for my insurance company?
- What makes the Akur8 Reserving suite unique?
- How does Akur8 Reserving improve the insurance reserving process?
- How can I get support for Akur8 Reserving?
- Where can I find the latest Akur8 Reserving updates?
Available In
Security
- Cloud-based platform with advanced security standards
- Committed to customer trust and data security
- Compliance with industry security certifications
Compliance
- Satisfies regulatory and audit requirements for proper internal control
- Supports compliance with industry standards (see certifications page for details)
Aon
Company Information
Aon is a global professional services firm that provides a range of risk, retirement, and health solutions. The company operates in two key areas of need: Risk Capital and Human Capital, providing expertise across these areas to help clients make better decisions.
Company Overview
Company Details
Financial Information
Contact Information
Trust & Compliance
Key Value Propositions
- Global expertise in risk and human capital
- Analytics-driven insights
- Dedicated industry expertise
Technology Stack
Industries Served
Technical Information
Summary
Aon's Risk Retention offering assists organizations in determining and implementing the optimal balance between retaining risk and transferring it to insurers. This is achieved through advanced actuarial analysis, benchmarking, and the use of alternative risk financing vehicles like captives and protected cells.
Overview
Finding the most effective balance between risk retention and transfer is key to a successful risk financing strategy. Aon helps organizations optimize retention levels using advanced actuarial techniques and comprehensive data, designing tailor-made risk financing strategies to manage and reduce total cost of risk and improve access to capital using retention vehicles such as captives.
Best For
Insurers with large, granular datasets and IFRS 17 needs. Combines traditional and stochastic methods with claim‑level GPU models and automated workflows, plus cash‑flow projections for financial reporting and governance at enterprise scale [1], [2].
Key Features
- Advanced actuarial techniques for retention optimization.
- Benchmarking against one of the industry’s most comprehensive datasets.
- Design and implementation of alternative risk financing options (e.g., captives, protected cells).
- Collaborative approach to tailor risk financing strategies.
Key Benefits
- Optimize retention levels to manage and reduce total cost of risk.
- Improve access to capital using retention vehicles such as captives.
- Tailor-made risk financing strategies based on advanced actuarial techniques and industry data.
- Support in navigating challenging insurance market conditions, including rate increases and capacity constraints.
Who Is It For
- Organizations facing challenging insurance market conditions.
- Businesses seeking to manage risk budgets and consider alternative risk financing.
- Companies interested in using captives or protected cells for risk retention.
- Industries including Construction and Real Estate, Financial Institutions, Food, Agribusiness and Beverage, Healthcare, Hospitality, Industrials, Insurance, Life Sciences, Natural Resources, Professional Services, Public Sector, Retail, Sports and Entertainment, Technology, Transportation and Logistics.
Features & Modules
Risk Retention
Optimize Retention Levels
Challenging insurance market conditions have led organizations to consider retaining more risk, often using alternative risk financing options like captives and protected cells. Aon helps organizations optimize retention levels using advanced actuarial techniques and comprehensive data, designing tailor-made risk financing strategies.
- Advanced actuarial techniques
- Comprehensive industry data benchmarking
- Tailor-made risk financing strategies
- Use of captives and protected cells
Available In
FIS
Company Information
FIS is a global leader in financial technology, providing innovative solutions to transform the way businesses and individuals manage their financial operations. The company offers a range of products and services, including core banking systems, digital banking solutions, payment processing, and investment management, to help clients navigate the complexities of the financial world.
Company Overview
Company Details
Financial Information
Contact Information
Trust & Compliance
Key Value Propositions
- Comprehensive financial technology solutions
- Expert insights and analytics
- Industry recognized services
- Commitment to sustainability and community involvement
Technology Stack
Industries Served
Technical Information
FIS offers a variety of APIs to integrate their financial services into client systems.
Social Proof
Customer Testimonials
FIS helped us transform our digital capabilities.
Customer Reviews
Trusted By
Case Studies
Client Success Story with Norwegian Cruise Line
Norwegian Cruise Line
FIS provided innovative payment solutions that streamline Norwegian Cruise Line's financial operations.
Read Case StudySocial Links & Discovery
Summary
Private Capital Suite is a unified platform for fund and partnership accounting, designed to help private equity firms navigate complex funds, optimize diversified strategies, and meet investor expectations. It automates accounting and reporting processes, connects systems, and provides real-time data and analytics.
Overview
FIS Private Capital Suite (formerly Investran) is a comprehensive private equity fund and investor management software platform that automates fund accounting and investor reporting. It provides real-time visibility into portfolios and operations, integrating data management, automation, and analytics to help private equity firms reduce manual errors, meet investor expectations, and scale confidently.
Best For
P&C insurers seeking integrated stochastic reserving alongside capital and reporting workflows. GI libraries deliver fully stochastic reserving and claim‑level methods, while the Insurance Risk Suite provides governed, performant operations at scale [1], [2], [3].
Key Features
- Accounting automation for funds and partnerships
- Unified platform for accounting, reporting, and investor management
- Process optimization and workflow automation
- Real-time dashboards and analytics for risk and performance
- Data automation and aggregation
- Predefined, controlled workflows for auditability and consistency
- Secure, on-demand access to data and reports
- Configurable multiuse digital portal for investor relations
- Integrated DocuSign workflows
- Actionable performance insights and advanced data visualizations
- Integration with Preqin benchmark data on over 11, 000 private capital funds
Key Benefits
- Automates fund and partnership accounting to improve accuracy and reduce operational costs
- Connects accounting, reporting, and investor management on a single platform
- Streamlines complex processes for faster, investor-grade reporting
- Reduces manual errors and operational risk
- Provides real-time visibility into fund performance, capital activity, and investor commitments
- Enables more informed, strategic decision-making with always-on portfolio information
- Meets investor expectations for transparency and timely reporting
- Scales confidently as firm operations grow
Who Is It For
- Private equity firms
- Private capital managers
- Investor relations professionals
Features & Modules
Comprehensive private equity fund and investor management software
Spreadsheets can no longer keep up with the data, investors and reporting demands private equity firms manage today. FIS® Private Capital Suite (formerly Investran) automates fund accounting and investor reporting, giving firms real-time visibility into their portfolios and operations. With integrated data management, automation and analytics, firms can reduce manual errors, meet investor expectations and scale confidently.
How can private equity firms simplify fund accounting and reporting?
- Accounting automation: Automate fund and partnership accounting to improve accuracy and reduce operational costs.
- Connected systems: Connect accounting, reporting and investor management on a single, unified platform.
- Process optimization: Streamline complex processes to accelerate the delivery of investor-grade reporting.
- Data automation: Replace manual data management to lower error risk and improve fund performance.
How does automation support growth and control?
- Operational efficiency: Minimize risk and increase efficiency across accounting, reporting and performance measurements.
- Process automation: Gain consistency, auditability and scalability by replacing manual tasks with automated workflows.
- Controlled workflows: Boost control with predefined workflows that ensure processes are followed consistently.
- Time savings: Free up time from data management to focus on strategic growth initiatives.
Why is real-time visibility critical for private equity firms?
- Investment visibility: Gain immediate insight into fund performance, capital activity and investor commitments.
- Risk analytics: Utilize real-time dashboards for a clearer picture of exposures, valuations and trends.
- Portfolio insights: Make more informed, strategic decisions with access to accurate, always-on portfolio information.
- Data accessibility: Respond faster to investor requests by having critical data readily available.
Digital Data Exchange
FIS® Digital Data Exchange (formerly Data Exchange) provides private equity investor relations professionals with a digital portal that delivers branded, intuitive investor experiences, analytical dashboards and streamlined two-way communication. This digital portal integrates trusted Preqin benchmark data on over 11,000 private capital funds, enabling investors to evaluate performance, analyze strategies and identify peer comparisons through advanced data visualizations.
- Secure on-demand access
- Configurable multiuse portal
- Integrated DocuSign workflows
- Actionable performance insights
- Comprehensive data aggregation
Security
- Provides secure, on-demand access to data and reports
- Integrated DocuSign workflows for secure document handling
Data Quality & Transparency
Our Ranking Methodology
How we rank these offerings
We ranked these Top 5 Predictive and Stochastic Claims Reserving Tools for Insurance Professionals using a weighted scoring formula: Stochastic Modeling Capability (40%), Data Integration and Automation (35%), Regulatory Compliance Features (25%). N/A values receive 0 points. Risikoløsninger scored highest with 95 due to strong stochastic modeling, seamless data automation, and comprehensive compliance features. Private Capital Suite scored lowest because it lacks stochastic modeling, severely limiting its maximum possible score.
Ranking Criteria Weights:
This matters for buyers because advanced stochastic modeling is crucial for accurately capturing reserve uncertainty and improving risk management.
This is important as seamless data integration and automation reduce manual effort and enhance accuracy in reserving processes.
This is significant for buyers as adherence to regulatory standards is imperative for insurance firms to operate legally and avoid penalties.
Frequently Asked Questions
- What are the typical costs and pricing models for predictive and stochastic claims reserving tools?
- Predictive and stochastic claims reserving tools often use a subscription-based pricing model, reflecting their SaaS nature. For example, Akur8 Reserving, being a cloud-based system, typically charges fees based on data processed or the number of users accessing the platform. Enterprise solutions like Private Capital Suite, which offer extensive reserving libraries and end-to-end governance, generally require a higher initial investment for integration and customization.
- What are the key selection criteria and considerations when choosing a reserving tool?
- Key considerations include the tool's capability to handle both deterministic and stochastic reserving techniques, as offered by Risk Retention and ICRFS™. The ability to integrate seamlessly with existing BI tools for executive insights, such as Akur8’s Power BI integration, is crucial. Additionally, the flexibility for data management and automation, exemplified by Risikoløsninger, helps improve analysis efficiency and interpretability.
- What are the industry standards and compliance concerns for predictive reserving tools?
- Standards for stochastic reserving tools emphasize compliance with IFRS 17 reporting requirements, necessitating detailed cash-flow projections, such as those supported by Risk Retention. Compliance is also aided by sophisticated stochastic models like the Probabilistic Trend Family in ICRFS™, which accounts for regulatory diversifications and correlations. Tools must also offer robust governance features, as seen in Private Capital Suite, to ensure adherence to insurance risk standards.
- What implementation challenges might companies face with these reserving tools and what solutions are available?
- Implementation challenges include data integration and ensuring user adaptability. Tools like Risikoløsninger provide solutions with automation capabilities to ease and accelerate this process. Akur8 Reserving addresses data governance and workflow automation challenges through its centralized cloud-based platform, minimizing manual intervention while maximizing compliance. GPU acceleration in Risk Retention further resolves computational limitations, enhancing performance.
- How can firms assess ROI and value delivery from these reserving tools?
- ROI can be assessed by evaluating the increased accuracy of reserve estimates and efficiency in reporting processes. The machine-led reserving capabilities of Risikoløsninger help reduce analysis time, thereby cutting operational costs. Providing executive-level insights via tools like Akur8 Reserving’s Power BI integration enhances decision-making, directly translating into better financial outcomes. Also, the comprehensive modeling frameworks in ICRFS™ offer detailed risk evaluation and capital allocation benefits, showcasing their value.
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