Milliman wins this year's actuarial modelling solution of the year for its flexible, fast and easy-to-use Milliman Mind platform, which is being used in Asia and across the world.

The firm claims Mind was the first "no code" solution for actuarial modelling at its launch in 2018. One of its unique selling points is how it can take an Excel spreadsheet and turn it into a powerful and robust model.

The platform has found application in a huge range of areas, from regulation-specific tasks, such as IFRS 17 compliance and Solvency II reporting, to modelling of assets, pricing and reinsurance, as well as enterprise-wide modelling transformation.

The judges commended the no-code approach for democratising modelling and significantly accelerating development speed – a view backed up by the CFO of one Asian insurance client, who noted:

"Since its implementation in 2021, Milliman Mind has significantly improved our product development processes. Its superior computational capabilities have notably reduced runtime as compared to Excel system performances with heavy projection or looping iterations ... The adoption of Milliman Mind has increased our work efficiency through the substantial reduction in runtime, stable environment and system resource management."