Milliman Integrate picked up the award for ALM solution of the year, an honour the firm also won in 2024.

Milliman set itself apart this year with the Integrate platform, which looks to plug the gap between insurers looking to invest in and manage complex, illiquid assets and traditional ALM approaches that fail to capture embedded optionality, non-linear risk, and capital implications.

To address these challenges, Milliman developed a nearest-neighbour modelling framework that matches each unmodeled private deal to the most-comparable public deal. The firm made the case that it does this through a unified, enterprise-scale solution that combines high-fidelity asset modelling, liability integration, and regulatory capital analytics.

Over the past year, Milliman has shown these capabilities through three impactful case studies on esoteric assets: the first was to quantify and mitigate non-linear prepayment risk under VM-22; the second was to introduce a scalable nearest-neighbour framework to model private assets using public proxies; and the third was to deploy bespoke models for structurally complex private credit investments using open architecture.