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.”
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.