Library Update 2022.12: New Claim Reserve/IBNR Model, Product Updates and 3 New Slope System Workbooks

New Model

A new Claim Reserve/IBNR model can be used to calculate claim reserves and/or IBNR using traditional claim triangles and the chain-ladder method. This model is now available in the Library Models tab alongside the Slope Life Library.

Updates

Long Term Care Product

  • Now supports a 3rd benefit path for Assisted Living in addition to the 2 existing options
  • Significant changes to the array structures of benefit projections to improve performance
  • The LTC-2015 study tables from the SOA are now available as part of the Library and input structures have been updated to support this

Term Life Product

A correction was made to the XXX reserve calculations on the Term life product to fix an issue where the expense allowance was not being properly calculated in some cases.

Liability Products

New variables have been added to liability products for US STAT Valuation Basis and US STAT Line of Business. These new variables, combined with the US STAT Exhibits product output grouping will allow for the population of Exhibit 5 & 6 reports.

Valuation Method inputs for UL, Term, and Whole Life were converted to drop-down list items to allow for easier selection of values.

The Commissions table structure was updated to add Issue Age and Premium Payment term as available columns by default. All liability products that use this table were updated to reflect this.

The Lapses table structure was updated to add Premium Payment term as an available column by default. All liability products that use this table were updated to reflect this.

All Liability products were updated to allow either Date of Birth or Issue Age to be provided. Only 1 of the inputs must be provided. DOB will always be used instead of Issue Age if both are provided.

Asset Products

AVR Line Number is no longer required on assets and the default data type has been changed to string.

When missing, the AVR Line number will now be looked up based on the NAIC SVO Rating or default to a medium risk category depending on the asset type.

New Workbooks

  • Long Term Care workbook which provides detailed information for a single LTC policy for analysis purposes.
  • ‘US STAT Exhibits’ workbook populates values for Exhibit 5 & 6.
  • Claim Reserve Summary (IBNR) workbook is now available to display the resets from the new Claim Reserve/IBNR model.
  • Term Life Workbook which provides a US STAT Reserve Summary, Cash Flow, US STAT XXX Basic Reserve and US STAT XXX Min Reserve worksheet.

Note: New workbooks can be found in the Slope System workspace folder which can be accessed via the folder icon in the lower left corner of the Execute and Analyze modules. The Long Term Care and Term Life workbooks can be found in the Liability Products subfolder.