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.
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.
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
Milliman has announced that the firm’s cloud-based Integrate™ solution has been recognized as “Best Actuarial Modeling Software” in the 2014 Insurance Risk Awards. Integrate is the industry’s first cloud modeling platform and builds off of MG-ALFA®, which has been a market leader in asset liability/modeling for more than 20 years.
“This award validates our unique approach to modeling, which is to empower actuaries with a robust cloud solution that allows them to focus on analyzing results rather than building and maintaining models,” says Pat Renzi, a principal with Milliman’s Life Technology Solutions group. “Clients like Royal London and the Phoenix Group have chosen Integrate because it brings together all of their modeling needs in a nimble platform that lets actuaries focus on actuarial analysis.”
Integrate is a revolutionary financial projection solution for the life insurance industry. Milliman reports its Integrate customers are gaining unprecedented speed and control in financial reporting amidst changing market dynamics and the demand of new regulations.
Lately, the insurance industry has begun to adopt cloud-based computing systems to conduct complex actuarial modeling. This Wired article spotlights Milliman’s cloud-based solution Integrate and highlights its impact on the Phoenix Group’s actuarial modeling performance.
In 2013, Phoenix completed an ambitious three-year project to modernize and consolidate its disparate computing systems with an integrated cloud-based platform. The improvements have been dramatic, according to Phoenix. More than 900 manual processes have been reduced to 44, and the time it takes the company to produce quarterly data has been cut from four months to just three days. The project paid for itself after 18 months.
“The actuarial transformation project has allowed us to streamline our systems so that we can reduce the amount of manual processing,” says Nick Watkins, head of actuarial reporting at Phoenix Group. “And then the power of cloud computing has allowed us to produce the number of additional results we need in a much shorter timeline and only when we need it.”
The computing platform, known as Integrate, is built around a financial modeling system developed by Milliman, a global firm that provides consulting and technology for actuarial reporting and risk management. The cloud component, managed by Microsoft Windows Azure, has proven to be a crucial improvement for Phoenix.
Milliman’s Pat Renzi is also quoted in the article discussing the advantages that Integrate provides insurers over legacy actuarial modeling platforms.
The cloud allows every actuary in the company simultaneous, real-time access to risk models. Rather than, say, 50 actuaries making manual changes on desktop PCs to discrete portions of a risk model and then struggling to reassemble the pieces, now all the actuaries work in the cloud simultaneously on the same model. Any changes that need to be confirmed by other actuaries can be accessed through a browser, permanently eliminating the clunky practice of sending spreadsheet files over email.
“The cloud gives a perfect opportunity to build that complete engine that does allow people to collaborate,” says Pat Renzi, global practice leader at Milliman. “With older, legacy systems, you have these processes where you get some data from here and somebody does some stuff to it and jams it into some other program, and then five people take data out of that. So there’s a lack of confidence in the numbers they’re actually reporting.”