Questions
Paid or incurred — which should we use?
Run both. An incurred triangle gives IBNR proper; a paid triangle gives the whole outstanding liability, case reserves included. If the two disagree, case reserving has drifted.
Can the actuary change a factor?
Yes. The selected factor is editable, and re-projecting keeps the triangle and redoes only the projection.
Does it do IFRS 17 for life business?
It measures under the premium allocation approach only, the simplification for cover of a year or less. There is no contractual service margin, general measurement model or variable fee approach.
Who signs the reserves?
The appointed actuary. Only the appointed actuary can sign or reopen a study or a measurement, and a signed one is copied rather than recomputed.
Can we see it working first?
Open the live insurance demo and press Log in — the form is already filled in. Actuarial Close is under Finance, with 22 reserving studies and nine IFRS 17 measurements.