SPLICE - Synthetic Paid Loss and Incurred Cost Experience (SPLICE)
Simulator
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>.
