Synthetic Paid Loss and Incurred Cost Experience (SPLICE) Simulator
Development of Case Estimates
Major Revisions of Incurred Loss
Minor Revisions of Outstanding Claim Payments
Generate Data of Varying Complexity
Generate Incurred Dataset
Incurred Triangles
SPLICE: Synthetic Paid Loss and Incurred Cost Experience (SPLICE) Simu...
Incurred Case Estimates Dataset
The Triangular Distribution
An extension to the individual claim simulator called 'SynthETIC' (on CRAN), to simulate the evolution of case estimates of incurred losses through the lifetime of an insurance claim. The transactional simulation output now comprises key dates, and both claim payments and revisions of estimated incurred losses. An initial set of test parameters, designed to mirror the experience of a real insurance portfolio, were set up and applied by default to generate a realistic test data set of incurred histories (see vignette). However, the distributional assumptions used to generate this data set can be easily modified by users to match their experiences. Reference: Avanzi B, Taylor G, Wang M (2021) "SPLICE: A Synthetic Paid Loss and Incurred Cost Experience Simulator" <arXiv:2109.04058>.