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 today announced that it has been selected by Risk.net as the best tech vendor for actuarial modelling. For the second time in three years, Milliman is being recognized for its software solution Integrate™, which provides an innovative approach to support fully automated, end-to-end financial and risk modelling.
Integrate, which runs on the Microsoft Azure cloud, provides clients with best-in-class software for managing data input and complex modelling flows on the front-end, as well as robust business intelligence analytics and reporting capabilities of output with the recent addition of Microsoft Power BI Embedded. Additionally, Integrate provides a collaborative and governed process to support the model change process.
We are honored to have received this award as a recognition of Milliman’s innovative approach to client work, one that focuses on collaboration between experts in technology, actuarial, and risk solutions, and that drives value for not only the organization, but the policyholders, shareholders, and employees as well.
For more information on this year’s award, visit www.risk.net.
Integrate is a trademark of Milliman, Inc., registered in the U.S., U.K. and France. For more information about Integrate, click here.
Microsoft rolled out several Azure upgrades to improve its cloud platform’s performance. This TargetTech article quotes Paul Maher discussing how the upgrades can enhance Milliman’s Integrate® which runs on Azure. Here’s an excerpt:
Microsoft also released the L-series and H-series of VMs, which are tailored for high storage and CPU speed, respectively. These join other new instance types Microsoft has rolled out over the past year, including its GPU-based N-series and large instances for SAP HANA.
Milliman, an actuarial service provider based in Seattle, runs its platform-as-a-service offering on Azure and often runs different instance types to meet its clients varying needs.
“Matching the hardware and processing requirements at a price point and having a bastion of options is really important to us,” said Paul Maher, principal and CTO of life technology solutions at Milliman. “If you’re trying to run across a diverse client range, with varying price sensitivities, the last thing you want is a one-size-fits-all scenario.”
Another important upgrade for Milliman is the increased transparency from the preview release of Azure Monitor. The company wants to do more around diagnostics on the health of their workloads, and pass more feedback to customers about uptime, resiliency and performance analytics.
“For heavy users, which we are, it’s really important that we feel like we have granular control,” Maher said.
Milliman today announced the release of Integrate™ with Microsoft Power BI Embedded, a suite of business analytics tools to analyze data and share insights.
Integrate is Milliman’s award-winning, end-to-end financial and risk modeling technology platform, powered by the Microsoft Azure cloud platform.
Integrate utilizes Power BI to enable its users to quickly create and share data, through interactive dashboards and reports. Power BI provides a rich immersive experience that allows Integrate users to visualize and analyze data in one place, simply and intuitively. Using Power BI, Integrate delivers a scalable and cost-efficient solution that meets the ever-growing BI demands of users.
Pat Renzi, Milliman Principal, says, “We are thrilled to provide our clients with industry-leading business intelligence technology, seamlessly embedded within the Integrate platform. These new capabilities will provide our customers with the ability to quickly and clearly visualize, analyze, and collaborate on mission-critical information on any device.”
James Phillips, Microsoft Corporate Vice President of the Business Applications, Platform and Intelligence (BAPI) Organization adds, “At Microsoft, we’re committed to enabling our customers everywhere to get insight from their data. We’re delighted that Milliman is embracing the opportunity to build an intelligent application with the completely new Power BI Embedded service to bring this same value to their customers and partners.”
Milliman today announced that its MG-ALFA® software, a financial modeling and actuarial projection system for insurance companies used for product development and pricing, financial management, risk management analysis, and regulatory compliance, won best actuarial software for 2015 as determined by Actuarial Post. Actuarial Post is a British publication providing news and analysis for the actuarial marketplace.
MG-ALFA is the first actuarial system to use cloud computing (Microsoft Azure), allowing users to leverage virtually unlimited computing resources to perform computation-intensive, mission-critical work at a small fraction of the cost of owning and operating those data processing resources. One of the key differentiators of MG-ALFA is that it is, and has always been, a robust asset-liability modeling platform.
We are honored that MG-ALFA was recognized for its excellence, particularly because the decision was based on a response and opinion from the market. We believe that MG-ALFA can provide even more opportunity for insurers and, moving forward, we’re excited to make MG-ALFA the central calculation engine encapsulated in our end-to-end solution Integrate®.
The Integrate platform takes a uniquely holistic, forward-looking approach to the automation and governance of actuarial modeling and reporting. Built around MG-ALFA, Milliman’s industry-leading financial modeling system, and powered by Microsoft Windows Azure, Integrate represents a reimagining of the relationship between people, processes, and technology.
Launched in 2012, it is the first industrialization solution that is proven to manage risk, maximize efficiency, and unlock the full potential of the actuarial staff. This video showcases how Integrate reinvents the way the world’s life insurers model risk.
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