Milliman is pleased to announce that the firm has won three 2020 InsuranceERM Americas Awards for its insurtech products and risk consulting services. The goal of the IERM Americas Awards is to highlight enterprise risk management leaders in the Americas.
In the technology category, Milliman’s Nodal™ was named “Analytics Solution of the Year” while Milliman’s Arius Enterprise® won “Cloud Technology of the Year.” Awards in these categories recognize insurtech solutions that enable strategic decision-making and provide risk insights that can improve efficiency and operations for (re)insurers. For instance Nodal, Milliman’s predictive modelling platform for early claim intervention, uses machine learning to comb through unstructured data and identify high-risk claims, and has helped clients reduce claims severity by 15% and overall losses by 41%. Meanwhile, Milliman’s Arius, one of the industry’s most comprehensive reserve analysis solutions, has saved clients hundreds of hours per year while simultaneously improving analyses and governance over data and processes.
Milliman was also recognized with a 2020 InsuranceERM Americas Award for its risk consulting services, with three members of the firm’s Chicago Life ERM practice taking home “Risk Team of the Year.” Anthony Dardis, Ariel Weis, and Chloe Lau have, combined, over 60 years’ experience on both the assets and liabilities sides of life insurance, and are well-known for their benchmarking capabilities and “practical-first” approach to risk management.
“Transformation in the insurance industry begins by leveraging new technologies in conjunction with the latest data and expert analysis, three areas in which Milliman excels,” says Milliman President and CEO Steve White. “Managing complex risks requires both the best expertise and the most innovative tools, so we feel gratified to have won IERM Americas Awards for both our risk consulting and technology solutions.”
For more information on Milliman’s insurtech products, including Nodal and Arius, click here. For more information on Milliman’s enterprise risk management solutions, click here.
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.