Milliman today announced that its flagship technology solution for life insurance, Integrate®, was awarded Best Use of Cloud in the Risk Markets Technology Awards 2021. The awards, organized by Risk.net, honor top achievements across market risk, trading, and investment risk technologies.
Integrate represents a paradigm shift within the actuarial industry, delivering a comprehensive software as a service (SaaS)-based approach to managing all aspects of the actuarial value chain. Fully engineered to be cloud native, Integrate combines broad functionality, professional services, and operational support into a single platform.
“Insurance companies need faster, more detailed insights into their business without the burden of skyrocketing costs, something that other systems—which patch together various components—simply cannot provide,” said Pat Renzi, a principal at Milliman and CEO of the firm’s Life Technology Solutions Group. “Integrate was purposefully designed to deliver maximum flexibility and control while providing continuous, scalable improvements across the entire actuarial value chain. We’re honored to be recognized in this year’s Risk Market Technology Awards for our strategic use of the cloud in addressing modern-day actuarial needs.”
Integrate allows customers to leverage technology to provide faster, more reliable results. For example, in just the first three months of 2020 Integrate processed more than 25 million hours running actuarial analysis in the cloud. Integrate’s holistic approach delivers:
- Exceptional scalability for calculations and data analytics powered by Microsoft Azure
- Automated and controlled end-to-end workflow for production cycles
- Professional Services and Cloud Operations Support tailored to client needs
- Robust support for complex regulations such as Solvency II (standard formula and internal model risk distribution calculations), International Financial Reporting Standard (IFRS) 17, performance-based regulation (PBR). and Long Duration Targeted Improvements (LDTI)
Winners of the Risk Market Technology Awards take part in a lengthy judging process that includes evaluation of pitch documents, off-the-record meetings, and a comprehensive due diligence phase. Read more about Risk.net’s decision in awarding Integrate Best Use of Cloud here.