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.
On 2 December 2020 the Court of Appeal in England handed down its judgement to uphold the appeal that had been brought in relation to the Part VII transfer of annuity business from The Prudential Assurance Company Limited (Prudential) to Rothesay Life Plc (Rothesay), collectively referred to as “the Appellants.”
The appeal was brought by the Appellants following the decision of the High Court, delivered by Mr. Justice Snowden on 16 August 2019, to decline to sanction the transfer of approximately £12 billion of nonprofit annuity liabilities from Prudential to Rothesay. The annuities in question had already been 100% reinsured to Rothesay and therefore the purpose of the Part VII transfer was to formalise the transfer of risk that had already taken place.
In his oral remarks when handing down the judgement, the Chancellor of the High Court, the Rt. Hon. Sir Geoffrey Vos, noted the following areas of disagreement with Mr. Justice Snowden’s original judgement:
Mr. Justice Snowden’s decision to disregard the conclusions of the Independent Expert in relation to the likelihood of future capital support being required by Prudential and Rothesay. The Court of Appeal took the view that basing conclusions in this area primarily on the Solvency II financial strength of the transferor and the transferee was justified, notwithstanding that the Solvency II capital requirement is based on a one-year time horizon rather than a time horizon consistent with the lifetime of an annuity, given the role of the regulatory regime in protecting future solvency and the speculative nature of any assumptions about the future availability of parental support.
Mr. Justice Snowden’s decision to disregard the non-objection to the transfer of the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA). The Court of Appeal was mindful of the PRA’s and FCA’s views.
Mr. Justice Snowden’s decision to assign significant weight to the argument by objecting policyholders that they had specifically chosen Prudential based on its age and venerability; the Court of Appeal concluded that the relevant consideration was whether the transfer would have a material adverse effect on policyholders, and that this rested principally on the impact of the transfer on the likelihood that obligations to policyholders would continue to be met.
The decision to uphold the appeal does not mean that the transfer has been sanctioned. The appeal was focused on the question of whether the original judgement in the High Court, delivered by Mr. Justice Snowden, was legally sound based on the information available to the High Court at the time. The Court of Appeal elected not to consider the question of whether it was appropriate to sanction the transfer based on current circumstances, and therefore the question of whether the transfer should be sanctioned will now be remitted to the High Court for a fresh round of hearings, in effect starting the Part VII transfer process again.
Milliman has received two 2020 U.S. Captive Review Awards. These awards recognize and reward providers of captive insurance products and services, who have outperformed their competitors and demonstrated the highest levels of excellence.
As an organization, Milliman received an award in the Actuarial Firm of the Year category. The award recognizes the firm that has demonstrated the highest level of service meeting clients’ needs over the past year. Milliman has received this recognition for three consecutive years.
Individually, consultant Joel Chansky received an award for Outstanding Contribution of the Year. The award is given to a captive professional that has made significant contributions to enhance the industry.
Milliman consultant Mike Meehan was again named to the Captive Review Power 50 list. It is the fourth consecutive year that he has received the distinction. Mike was named the 29th most influential professional in the global captive insurance industry.
“I once again find myself both humbled and honored to be
included on Captive Review’s Power 50 list. For over 25 years I have been very
fortunate to work with an amazing and talented team at Milliman. The honor of
being included on the Power 50 list would not be possible without these collective
efforts,” he said.
Milliman and Enova Decisions, a leading financial technology and analytics company, today announced a strategic alliance aimed at bringing new advanced analytics to insurers. The alliance brings together Milliman’s deep domain expertise and data resources and Enova Decisions’ real-time analytic capabilities, giving insurers an innovative platform for retaining customers, optimizing sales operations, and maximizing the value of current and future customers.
“Insurers everywhere are competing on the basis of who can best understand consumer behavior, and this competition is driven by increasingly sophisticated analytics,” says Sam Nandi, Milliman Principal and Consulting Actuary. “With Milliman’s deep subject matter expertise and Enova Decisions’ decision management platform, we give insurers the best tools to succeed in all the different dimensions of their business, whether it’s sales, distribution management, customer targeting, product development, or myriad other applications.”
“Leaders in highly regulated industries know
that proper management of data for security and privacy is critical,” said
Joe DeCosmo, Chief Analytics Officer for Enova Decisions. “By working with
Enova Decisions, insurers can leverage our 15 year of experience making
data-driven decisions in real time and access the latest decisioning technology
while remaining compliant.”
Milliman/Enova Decisions strategic alliance will provide life insurance clients
with the opportunity to achieve strategic targets and business goals through
the activation and operationalization of integrated, data intelligence-driven solutions.
For the fourth time in the last six years, including in 2018, Milliman was named actuarial firm of the year at the 2019 U.S. Captive Review Awards, held recently in Burlington, Vt. These awards recognize and reward providers of captive insurance products and services, who have outperformed their competitors and demonstrated the highest levels of excellence over the past 12 months.
“I was honored to once again be able to accept this award on behalf of Milliman. I am fortunate to work with an amazing team of consultants and thought leaders that continue to provide exceptional service to the captive industry,” said consultant Mike Meehan, who has been named to the Captive Review Power 50 list in 2016, 2017, and 2018.
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