The P&C insurance industry has long used unearned premium reserves and IBNR reserves to make provision for claims that have not yet been reported. However, these aggregate reserves are NOT particularly useful for monitoring results across a portfolio of accounts. By moving to the use of Actuarial Policy Reserves for internal analytical purposes, significant improvements are made to the pricing, reserving and managing of insurance. Chris will discuss the benefits of using such policy-level reserves, as well as techniques for building them.