Chief economist Peter Praet of the European Central Bank (ECB) made some remarks that received a lot of attention earlier this month at the 31st International Congress of Actuaries (ICA) held in Berlin. Praet outlined the ECB’s response to different phases during the steady decline of short- and long-term interest rates and added that low interest rates create challenges for many business models of insurance companies. Praet revealed ahead of a policy meeting later in the month that discussions in this meeting would be key in determining when to end ECB’s bond-buying program.
Praet made these statements during a session at the ICA on the future of the low interest rate environment. Milliman’s Ken Mungan, in that same session, moderated a panel on the macroeconomic aspects and impacts on the insurance sector, which included Praet, Stephen O’Hearn, global insurance leader for PricewaterhouseCoopers, and Klaus Wiener, chief economist of the German Insurance Association.
Masaaki Yoshimura of Milliman’s Tokyo office, who is president of the International Association of Actuaries, opened and closed the event. Over 100 countries were represented and there was a record number of attendees, with just under 3,000 participants, including more than 50 Milliman consultants.
The event covered a variety of content encompassing all areas of actuarial work, and there were a number of perspectives about that work—including from insurance actuaries, regulators, consultants, and academics. This year, there was a strong focus on potential changes to the industry due to technology and the risks this could introduce to companies and to policyholders. Actuaries were encouraged to think carefully about these emerging risks.
Milliman was well represented, with eight consultants speaking on various topics relevant to the global attendees.
Milliman speakers and their topics were:
• Alexandre Boumezoued. “Individual Claims Reserving: Opportunity as a Challenge.”
• Zachary Brown. “Improving Actuarial Communication.”
• Joanne Buckle and Chris Bristow (Institute and Faculty of Actuaries). “Life Long Learning in the IFoA.”
• Joanne Buckle and Didier Serre. “Alternative Payment Models for High Cost Creative Therapies.”
• Naoufal El Bekri. “Mortality Tables Update Through Multi-Population Models: Application to Longevity Risk Transfer and Shock Computation.”
• Tigran Kalberer. “Architecture of Internal Models.”
• Allen Klein. “Long-Term Drivers of Future Mortality.”
• Allen Klein. “Underwriting Around the World: An Update.”
• Noriyuki Kogo. “Predicting Incidences of Acute Myocardial Infarctions: Are Big Data and Machine Learning Algorithms Useful for Predictive Models?”
• Bridget MacDonnell. “Recovery and Resolution Plans in Banking and Insurance.”
• Pat Renzi. “New Developments in Insurance IT.”
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.
Technology is changing the way businesses evaluate risks, transforming customer interactions, and overhauling the purchase process. As traditional insurers strive to overcome legacy systems and practices, how are they successfully keeping pace with new InsurTech entrants? In the Milliman Impact article “Setting the pace: InsurTech transformation,” Neil Cantle, Russell Osman, and Pat Renzi offer their perspectives on the challenges that traditional insurers must navigate.
The pace of technological change is presenting the insurance industry with new opportunities. In this video, Milliman’s Pat Renzi and other InsurTech leaders discuss how strategic partnerships can leverage technological innovation to create new products and services for different generations of customers.
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 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.”