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.
Milliman announced today that it has released the latest version of its Arius® solutions, a family of state-of-the-art reserve analysis systems for property and casualty insurers. This update provides significant enhancements to the systems’ analytical, reporting, and data management tools.
This release provides expanded cash flow analysis and reporting to help actuaries and insurance analysts more easily address IFRS 17, Solvency II, and other management requirements. It also provides enhanced interpolation and extrapolation capabilities so that actuaries can take full advantage of valuable historical and industry data.
In addition, the new release of Arius Enterprise® – Milliman’s reserving solution designed specifically for larger insurers and self-insureds – now takes advantage of Microsoft’s Azure Data Explorer (ADX) for high-performance processing of very large datasets. ADX is a new Azure-based database technology that provides significant performance improvements over traditional technologies for the vast amounts of data available to insurers. With ADX, Arius can execute complex data queries up to 30 times faster than traditional database solutions, aggregating large volumes of claims data – even billions of records – without incurring performance costs.
Our clients are continually finding additional ways that Arius can improve the efficiency and reliability of their overall reserving process. These latest enhancements in analysis, reporting, and data handling will allow actuaries to analyze their results in more detail and provide richer reporting and more informed management decision-making.
Milliman announced today that it has released version 2.0 of its Claim Variability BenchmarksTM (CVB), an insurtech solution that helps property and casualty (P&C) insurers increase efficiencies and provides richer analysis in the face of regulatory and economic change such as reserve range and cash flow requirements, Solvency II, and International Financial Reporting Standard (IFRS) 17.
As part of the firm’s family of state-of-the-art actuarial reserve analysis systems, this release of CVB adds new industry benchmarks for claim frequency, severity, and loss development patterns for all major P&C insurance coverages, helping actuaries better model and understand their claim costs. Additional benchmarks are provided to help measure the correlations of experience among various lines of business. The new system also adds both Mack and Merz- Wüthrich distributions to aid insurers working with Solvency II and IFRS 17 reporting.
In addition, the new release provides a free version so that all actuaries can easily evaluate these important benchmarking tools.
Our CVB solution is specifically designed to help our clients, and insurers of all sizes, better understand their data and compare their trends and results to industry benchmarks. This release provides a number of new and sophisticated calculations, so actuaries can gain more confidence in their estimates and focus on the areas where their substantial expertise can provide the most value to their organizations, especially important in this time of pandemic-based industry disruption.
To learn more about Milliman’s Claim Variability Benchmarks, click here.
Milliman announced that it has expanded its data science and artificial intelligence (AI) capability by taking on the data science consulting team of Ortec Finance.
The new team, in combination with Milliman’s existing data science competence, will continue to support its current customers with data science consultancy projects in the Benelux to generate value from their structured and unstructured data, and to advise them on their strategic journey to become data-driven. Ortec Finance will concentrate on the use of data science in their software solutions.
“Due to digitization, companies across a wide range of industries see their data volume explode. This, in combination with rapid progress in AI technology, leads to a substantial demand for consulting services in this field. We are at the forefront of the era of AI disruption,” says Raymond van Es, who will serve as Lead Data Science & AI of Milliman in the Benelux.
Peter Franken, Milliman Principal, sees it as an important step in strengthening Milliman’s predictive analytics and modelling capabilities in the Benelux. “Having Raymond and his team joining allows us to accelerate expanding our service offering outside the financial industry as well as our technical capabilities in the area of data science and predictive analytics.”
Milliman today announced a new innovation in the insurtech space: AccuRate Fleet, a telematics-based risk score created with Azuga, Inc. to help improve commercial auto insurer profitability.
Milliman teamed up with Azuga, a leading provider of connected vehicle and fleet technology, to study how fleet driving behavior coupled with actual accident data can lead to predictive models for commercial auto insurers. Using 1.5 billion miles of Azuga commercial auto driving data and 5,700 accident reports, Milliman modeled the indicators of crash frequency and created a risk index to help insurers, managing general agents (MGAs), and start-ups in the commercial auto space price risk better.
“Commercial auto insurers have faced years of worsening combined ratios, and with this product we strongly feel that we can guide insurers to assess and price risk more accurately,” said Peggy Brinkmann, a principal at Milliman and codeveloper of AccuRate Fleet. “There’s an opportunity here for those in the commercial auto space to use existing and widely accepted technology and optimize their risk pools quickly.”
“Commercial auto has become an increasingly challenging market for building a profitable customer base and insurers can’t simply keep raising rates,” said Ananth Rani, cofounder and CEO of Azuga. “Azuga Fleet telematics has demonstrated significant reductions in accident frequency and severity at scale. The AccuRate Fleet score from Milliman further cements our leadership in delivering results both to the insured fleets and now the insurance carriers.”
To read more about AccuRate Fleet, click here.
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The freight volume that trucks move around the United States has increased annually since the global financial crisis. Evolving business dynamics, however, including a shortage of available commercial truck drivers, has forced companies to search for new solutions to fill needed positions and increase capacity.
One viable solution is autonomous trucking technology, which can help streamline transportation logistics and meet demand. As the momentum behind autonomous trucking technology grows, insurance companies and reinsurers of self-insured fleets must begin formulating approaches to commercial autonomous vehicle (AV) technology.
In this article, Milliman actuary Andrew Groth explores the steps insurers should use to investigate the feasibility of offering new products for a developing autonomous trucking industry. He also examines the impact of autonomous trucking on their current books of business.