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.
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.”
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.