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.
With the rise of COVID-19, Folding@home, a computing project that simulates protein dynamics, has become the largest distributed supercomputer network in the world. Volunteer scientists use the network to run simulations on their personal computers, which could lead to new drug therapies. As COVID-19 reached pandemic proportions, Milliman’s Life Technology Solutions has donated idle computing time to Folding@home to help their efforts toward finding lifesaving therapies.
To learn more read Neil Rees and Tom Peplow’s article “Donating spare computing capacity to help with COVID-19.”
As part of a holistic digital transformation, insurance and reinsurance companies can enhance their businesses by adopting cloud services. With that scope in mind, the European Insurance and Occupational Pensions Authority (EIOPA) recently published a consultation paper providing guidelines for insurers outsourcing to cloud service providers. These guidelines will affect all outsourcing arrangements entered into or amended on or after 1 July 2020.
In the paper “EIOPA’s guidance on cloud outsourcing,” Milliman consultants explore the implications for firms and discuss some relevant information technology (IT) considerations. The paper also provides a checklist of the steps firms need to consider before, during, and after engaging in an agreement with a cloud service provider.
Over the last two decades the long-term care (LTC) insurance market has gone from having more than 100 carriers offering stand-alone LTC policies to fewer than a dozen. This mass departure from the market has resulted in many runoff blocks of LTC policies because of its long-tail nature. These blocks present several business risks in addition to the inherent insurance risks for companies that have retained their existing policies.
For example, key person risk can develop as the product-specific knowledge base becomes concentrated to a few people or lost because of retirement or turnover. Estimation risk and process risk can also develop if a company’s staff lacks either the capacity or knowledge base to document and vet results.
Outsourcing can help reduce the risks involved in managing a closed block of LTC business. Third-party outsourcing providers have historically been a source of expertise for many companies. The rise of cloud computing now allows outsourcing providers to also provide the scale, efficiency, and accessibility to address the business risks of runoff LTC business. Milliman’s Jeff Anderson and Van Beach offer more perspective in their article “Challenges of runoff LTC and outsourcing to mitigate risk.”
Insurance customers expect personalized, agile, and on-demand delivery from carriers nowadays. Insurers must keep up with technological advances and implement them to provide solutions that address these expectations. In her Best’s Review article “Mind your ABCs,” Milliman’s Pat Renzi explores why insurance companies must center their strategic initiatives on using emerging technology like artificial intelligence (AI), blockchain, and the cloud. She also explains how partnerships that feature diverse experts will see faster, smarter, and more successful disruption.