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"