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.”
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®.
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.
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.”