Cloud technology solution of the year: Moody's Analytics

Complex products, volatile markets and changes in financial reporting and regulatory frameworks are all pressurising insurers' risk modelling capabilities. Add in the operational challenges of the post-Covid working environment, and many firms are turning to cloud-based technologies to help.

Moody's Analytics offers multiple cloud-based infrastructure for its well-known Axis actuarial modelling system, RiskIntegrity for LDTI, RiskIntegrity for IFRS 17 and Scenario Generator.

By choosing a cloud-based infrastructure, users benefit from a solution that can quickly be scaled to meet computational demands, and one that facilitates the use of large amounts of data.

Understanding the operational risks with using third-party services and infrastructure is becoming increasingly important for insurers, and Moody's Analytics has received System and Organization Controls (SOC) Type 1 and SOC 2 Type 2 reports for its systems, to help users with this task.

InsuranceERM's judges commented on the breadth of cloud-based services offered by Moody's Analytics, and also how its cloud services had been widely adopted by the market.

The firm has also overcome one of the major barriers to cloud adoption: clients' worries about information security. "It is essential to provide customers with a dedicated secure environment and infrastructure that segregates data between customers," a spokesperson for Moody's Analytics says.