Financial Reporting Software
The ARCVAL system is an integrated system that supports Statutory, Tax, Alternative Minimum, GAAP and Gross Premium reserve calculations. It is a comprehensive financial analysis system meeting all of your financial reporting needs for Universal Life, Traditional Life, Annuities, Structured Settlements and Health. The calculations and tools available to your company are licensed on a modular basis. The modules of the ARCVAL system work together to provide a complete actuarial solution.
By closely monitoring changes in valuation requirements, ARC provides regular system updates and enhancements to keep pace with evolving regulations. The program code is written by actuaries who understand past and present product features and their valuation requirements. We are also continually updating the system to reflect new product innovations.
The ARCVAL System’s superior customizable design optimizes processing speed and implementation. ARCVAL offers remarkably fast calculations and advanced HTML audits. The speed of the calculations and the ease of use of the integrated user interface is a direct result of the technology chosen for each facet of our software operations.
Because our staff participates in industry committees and workgroups, our software is positioned at the leading edge of actuarial science. With principle-based reserves effective for variable annuities and fast approaching for other lines of business, rest assured that ARC is ready to help you meet these challenging requirements today.
Calculation of Statutory, Tax and Alternative Minimum reserves for Fixed, Variable, and Fixed Indexed Universal Life and Interest Sensitive Life Products.
First principle calculation of Statutory, Tax, Alternative Minimum, and GAAP reserves for Traditional Life insurance products. Factor application is also supported.
ARCVAL will enhance your company’s data management.
Broad definition of plan that allows multiple administrative system plan codes to be mapped into one plan code. This simplifies ongoing management of valuations and financial forecasts.
Plan set-up utilizing ARCVAL’s information grouping technology facilitates rapid input of plan features and valuation assumptions. A hierarchical entry and retrieval approach accesses previously input data. Existing plan parameters and valuation assumptions referenced by an information group name may be used in creating new plans or modifying existing ones.
Datasheet View allows you to observe the plan and valuation characteristics for all plan specification/valuation groups at one time and to quickly edit them in a columnar format or select from drop-down list boxes.
Multiple assumption sets can be used to quickly and easily calculate reserves or forecast earnings using various sets of assumptions.
Logical screen linking allows input of new information group definitions on-the-fly. New definitions of information groups may be defined while entering plan assumptions, without moving to unrelated input areas.
GAAP history and projection databases are retained and updated during financial reporting periods for unlocking and DAC amortization. Historical gross margins can be developed using administrative system transactional data or reconstructed using projection capability, or a combination of both methods. A “hole-filling” capability for missing data is also available.
Calculation of Statutory and Tax reserves for Fixed, Variable, Fixed Indexed, and Immediate Annuities according to the Commissioner's Annuity Reserve Valuation Method, including Actuarial Guidelines 33, 34, and 35.
Calculation of Statutory, Tax, and GAAP reserves for Health Insurance products.
Calculation of Statutory and Tax reserves for Structured Settlement Annuities in compliance with Actuarial Guidelines IX-A and IX-B. Also calculates GAAP reserves.
Provides the Standard Scenario calculation and manages the stochastic scenario projections from SunGard's iWorks Prophet for Variable Annuity reserve and RBC calculations.
Reporting & Auditing
The valuation process can be controlled and maintained by the Actuarial Department.
A calculation audit capability allows the specification of particular policies or a percentage sampling from the inforce for inclusion in valuation audit reports. These reports contain the results of intermediate calculation steps and the assumptions used which allows for verification of the accuracy of the reserve calculations and input assumptions. The audit reports are HTML files which can be viewed in a web-browser. Audit reports are organized using tabs, making it easy to navigate through the data. The HTML audit reports can also be exported to Excel® workbooks.
A powerful report generator allows design of reports by selecting from hundreds of output fields. Reports may be printed, saved to formatted or unformatted files, or written to spreadsheets. Multiple reports containing either detail or summary data are easily created in a single pass of the reserve file.
Valuation code assignments allow summarization of reserve for Annual Statement reporting and tax return preparation.
User-defined data and policy characteristics included with system-required data in the policy level extract. This feature allows an unlimited variety and number of reports to be created using the system’s report generator. All such data and characteristics are also stored in the ARCBase database for experience and earnings analysis.
GAAP unlocking is done in a production environment which leaves more time for analysis of results and less time required for process manipulation.
Projections can be run (i) on a seriatim basis where each policy is projected individually, fully reflecting the actual characteristics of the policy, (ii) on a seriatim basis, but with characteristics mapped as user-specified to a smaller number of characteristic values (i.e., ages 30-39 mapped into age 35) or (iii) using a model populated by the system from valuation data.
Seriatim projections fully reflect each contract’s characteristics, eliminating model error
Plan code filtering and search capabilities allow quick reference and display of information for existing plans and assumption groups.
An on-line display utility allows for the viewing of results for selected policies and attached riders. You can search for a specific policy number, plan code, sequence count, or browse in exact order.
ARCVAL’s menu-driven interface incorporates Windows® Common Controls. This intuitive interface is easy to learn and operate since it shares these controls with Microsoft Office® and other familiar Windows® products.
Context Sensitive Help is contained within the interface
Comprehensive Adobe PDF documentation manual included
GAAP DA, UL, PAR, and SOP
Calculation, application, and management of DAC and other amortization schedules for Universal Life and Deferred Annuity products under FAS 97 and participating products under FAS 120.
GAAP History Builder
Develops historical gross profits, deferrals, assessments and benefits with actual policy transactions.
Financial Forecaster - TL and Structured Settlements
Seriatim forecasts of Statutory and GAAP results for Traditional Life insurance for profit planning, what-if scenarios, and sensitivity analysis using TL-Flyer and Structured Settlements for reserves.
Allows you to configure experience studies including mortality, persistency, premium, and partial surrenders to understand your business.
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