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.
Milliman IntegrateTM is a cloud-based actuarial modeling solution for the life insurance industry. It provides insurers the resources needed to reduce the time spent on manual processes and increase the time spent on analyzing financial model results. This Microsoft Developer Network blog profiles Integrate as well as Paul Maher, chief technology officer of Milliman’s Integrate and MG-ALFA practice.
Here’s an excerpt:
It’s great to see the innovation that Milliman are driving in the cloud. Paul Maher, CTO – Integrate & MG-ALFA at Milliman, and ex-colleague of mine at Microsoft is leading the Product Development team building Integrate™.
Paul Maher began his career at a small actuarial firm in the U.K., building pension software, and transitioned to IT roles and leadership positions at Microsoft, KPMG, and others prior to joining Milliman in 2013. He has a passion for building software solutions that help solve challenging business problems. Contact Paul at LinkedIn.
Paul describes Integrate…
“Integrate, an end-to-end, revolutionary cloud-based system for the life insurance market, has been built on the Microsoft Azure platform and reimagines the relationships between people, process and technology. Integrate clients are able to run large actuarial jobs on-demand year round, benefiting from the Azure platform’s scale and extensibility in a pay-as-you-go business model.
Integrate addresses the modeling and reporting requirements of Milliman clients; these requirements include large, computationally intensive workloads that can vary in size and scale across the financial year.
Integrate was built by using Azure as a platform-as-a-service (PaaS), and delivered to our clients as a turnkey software-as-a-service (SaaS) solution. We received multiple benefits by running Integrate on Azure, such as:
• Faster time-to-market
• Reduced costs
• Increased scalability
• More flexibility and creativity
Cloud-based computing systems provide insurance companies several advantages over traditional systems. The following reading list highlights the benefits that cloud computing solutions such as Milliman’s Integrate offer insurers.
• Milliman Integrate™
This video showcases how Integrate is reinventing the way the world’s life insurers model risk.
• Rewrite.ca.com (Wired): The biggest risk facing insurers today? Old-guard IT
Some insurance companies have moved their actuarial modeling systems into the cloud. This article highlights how UK-based insurance firm The Phoenix Group increased productivity by implementing Integrate. In the article, Milliman principal Pat Renzi discusses the value that cloud-based actuarial modeling can have for insurance companies.
• TechTarget.com: What to consider before running HPC in the cloud
Information technology (IT) administrators should follow best practices when running high-performance computing in the cloud. Milliman’s Paul Maher and other IT professionals offer eight tips that can help administrators manage testing, networking performance, and more in this article.
• Contingencies: Fast forward: Emerging technology and actuarial practice
Cloud-based solutions such as Integrate are transforming the actuarial profession, offering clients the speed and scalability needed to process advanced analyses in real time. Pat Renzi discusses the advantages of conducting complex calculations using an actuarial modeling system in the cloud.
• The Digital Insurer: Actuarial models meet the cloud: A perfect marriage?
The costs associated with actuarial modeling have increased. This article, authored by Milliman consultant Dennis Stanley, demonstrates how migrating an actuarial model to the cloud is cost-effective and increases flexibility for large-scale, time-intensive projects.
• MG-ALFA® Compute for Windows Azure
This video shows how MG-ALFA Compute for Azure can help insurers meet their growing needs for high-capacity computing as the industry’s modeling requirements expand. This solution reduces run-times, increases capacity for analyses, and lowers costs relative to an in-house grid.