ITCEN NTECH said on Aug. 18 it will launch NexQ.cen, a solution that calculates new experience risk rates and optimal assumed loss ratios developed on the actuarial expertise and verification system of Seoul Insurance Actuarial Corporation.

The company said NexQ.cen is an integrated platform that combines not only new experience risk-rate calculation but also optimal assumed loss-ratio calculation and management, artificial intelligence (AI) diagnostics and scenario management. It links product, coverage and risk-rate code mapping, base data verification, calculation condition settings, output generation and verification history management into a single workflow, reducing repetitive manual work and the burden of Excel-based verification.

The newly strengthened AI diagnostic function goes beyond presenting optimal assumed loss-ratio calculation results as figures. It automatically interprets the causes of changes from the previous year, abnormal levels versus past trends, key drivers by coverage and product, and data items requiring additional checks.

ITCEN NTECH leads the development and supply of the NexQ.cen solution. Seoul Insurance Actuarial Corporation provided advice and verification on actuarial work logic related to new experience risk rates and optimal assumed loss ratios, and it will continue cooperation by receiving separate advisory fees if actuarial advice is needed during future customer deliveries or project execution.

Young Lee (이영), managing director at ITCEN NTECH's financial business division, said NexQ.cen is a platform that combines the work logic of an insurance actuarial specialist institution, ITCEN NTECH's experience in building financial IT systems and AI analysis capabilities. He said the company will provide a digital actuarial and risk management environment that enables insurers to produce calculation results quickly and interpret what the results mean.