Milliman is pleased to announce that it has won two 2018-2019 InsuranceERM Awards for the firm’s insurtech offerings. Milliman Mind, a cloud-based platform that automatically converts Excel spreadsheets to more powerful models, was named “Best end-user computing risk management solution,” while Milliman CHESS™ (Cloud Hosted Economic Scenario Simulator), a cloud-based economic scenario generator (ESG) web application, has won in the “Best ESG software” category. Both insurtech products demonstrate the firm’s ability to solve important industry problems by pairing Milliman’s subject matter expertise with innovative thinking and solutions.
“Model risk is a unique and rapidly developing area of Enterprise Risk Management, thanks in part to the implementation of Solvency II and the focus on internal model validation,” said Pierre Miehe, director of the Milliman Mind teams. “Milliman Mind manages this risk by automatically converting Excel models into more powerful and robust C# models—allowing firms to continue to benefit from the ease of Excel model design, while improving efficiency, accuracy, and collaboration. We believe this is a powerful and valuable tool for both life and non-life insurers, and we’re thrilled it has been recognized by InsuranceERM as the best end-user computing risk management solution.”
InsuranceERM UK & Europe awards 2018-2019 are the most prestigious in the rapidly changing area of risk and capital management in the insurance sector. Senior industry experts from across Europe and the UK served as judges for the awards.
“More and more, insurers are looking for economic scenario generator (ESG) software that is not only rapid, but intuitive and user-friendly,” said Alexandre Boumezoued, one of the product leaders for Milliman CHESS. “As a cloud-based web application, Milliman CHESS can quickly run multiple, complex calibrations and intensive simulations while simultaneously ensuring instant deployment and maintenance of the solution—all via a web browser. This power and ease of use can greatly increase efficiencies for insurers, and we’re pleased to be recognized by InsuranceERM.” The Milliman CHESS team is led by Alexandre Boumezoued, Pierre-Edouard Arrouy, and Paul Bonnefoy in Paris.