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.
Parsing a large computational process into smaller independent tasks that run in parallel to each other can help actuaries benefit from the time-saving efficiencies of cloud computing. Machine learning has parallel compute capabilities to assist with these tasks. In this article, Milliman’s Joe Long and Dan McCurley discuss how they were able to cut a three-month machine learning project down to four days using open source tools and the Microsoft Azure cloud.
Organisations completing their second full year of Solvency II reporting are required to submit four additional reporting templates. These additional templates disclose the change in the excess of assets over liabilities over the 12-month period since the previous set of annual reporting templates were submitted to regulators. In this briefing, Milliman’s Barry Murphy and Cormac Gleeson discuss these templates and provide insight on how to approach them.
According to the Indonesian Insurance Statistics published by the Financial Services Authority, the Indonesian life insurance industry achieved double-digit growth in 2017. Last year, the industry recorded a net premium of IDR 232.06 trillion, a 44% growth year-on-year over 2016. Total assets grew 30% year-on-year to IDR 512.95 trillion. Milliman’s Richard Holloway, Halim Gunawan, and David Kong offer more perspective in the latest Indonesia Life Insurance Newsletter.
Solvency II went live on 1 January 2016 and introduced a number of new disclosure requirements for European insurers. Each insurer is now required to publish annually a Solvency and Financial Condition Report, including some Quantitative Reporting Templates. This European analysis of the non-life market by Milliman’s Marcin Krzykowski and Jarosław Lech covers 140 companies from 11 countries, which together comprise more than €141 billion of gross written premium (GWP) and nearly €224 billion of gross technical provisions, and our Polish analysis is based on 14 solo companies pursuing non-life business in Poland, representing circa 89% of the GWP of the Polish non-life market in 2016.
Solvency II came into effect on 1 January 2016 and introduced a number of disclosure requirements for European insurers. Under the new requirements, the majority of European insurers were required to publish detailed Solvency and Financial Condition Reports for the first time in May 2017. This analysis of the European life insurance market by Milliman’s Marcin Krzykowski and Jarosław Lech covers 200 companies from 13 countries, representing approximately €475 billion in gross written premium and approximately €4,700 billion of gross technical provisions.