Enterprise Risk Management Technology Guide 2023/24

Milliman: Innovative solutions for insurers

Why should insurers choose Milliman for their technology needs?

Patricia RenziThe past few years have seen the entire world deal with financial, political, environmental, and social instability on top of personal and business disruption due to a global health crisis. The resiliency of individuals, businesses and institutions has been remarkable, but these challenges have identified some opportunities for the insurance industry to enhance the risks they insure and the rigour with which they assess them.

As leaders in the insurance industry, Milliman has been at the forefront of driving both insurance and technology solutions to fill the gaps. Our mix of insurance and technology innovators, coupled with our commitment to partnering on innovation is what allows us to deliver market leading solutions. The investment we have made to re-platform our entire technology suite to be cloud-native allows our clients to innovate, scale, and adapt quickly by leveraging the technology rather than people.

Has Milliman made any noteworthy improvements to its technology solutions in the past year?

A significant focus for us over the past year has been to expand our change management tooling. Several years ago, we implemented a robust change management platform on top of the actuarial and risk engines. Over the past year, we have expanded that to include managing change associated with data, reporting, assumptions, and configuration. This is critical to support the pace of business change our clients are experiencing.

Having the tools to allow for collaborative working across a number of projects with the ability to track, merge, and resolve conflicts around the entire technology and data suite is critical to moving fast, combined with the necessary governance and control framework in place. It is challenging for organisations to think about how to assess new risks, define new products, and look at new markets. Our technology platform allows the actuarial and risk teams to move fast with confidence.

How has Milliman helped insurers with their technology challenges in the past year?

In addition to providing innovations around emerging risks such as talent management, climate, and cyber, our tools have also allowed clients to assess new markets and new product lines due to our commitment to stay current with regulations and product innovation. Two examples of this are: providing clients with the ability to evaluate capital structures in new jurisdictions, such as Bermuda; and, expanding our support for the Pension Risk Transfer (Bulk Purchase Annuity) markets.

Milliman’s strong global leadership in insurance solutions, paired with innovative and modern technology expertise, delivers both the ideas for innovation and the tools to quickly iterate those ideas to an optimal solution.

Has Covid-19 influenced approaches to risk modelling? How do you expect risk modelling to change over the next five years?

As mentioned above, the pandemic led to significant disruptions in so many areas and this identified the need to be more comprehensive in how we measure and monitor in our modelling and risk management processes. At the start of the pandemic, the concerns were around the impact on risks we already manage carefully, such as mortality and financial market shocks.  However, we now realise that there is broader fallout, such as “the great resignation” and supply chain breakdowns.

The understanding of the dependencies between financial, insurance, political, environment, and operational risks has become so visible we must modify methodologies to better capture the intricacies of these systems. The more interconnected nature of things means that tipping points and nonlinear behaviours are significant. These are missed in traditional modelling approaches and are becoming necessary considerations in order for firms to gain actionable insights from their modelling.

How are your insurance clients’ stress and scenario testing practices evolving?

We are seeing clients focusing on more regular stress and scenario testing, and focusing less on single stress evaluations other than for validation. The interest in weekly or daily updates based on changes in the financial markets are becoming a focus of more clients as well.

Our cloud-native platform provides the infrastructure on demand to allow for a quick turnaround of more frequent and more complex analysis. Firms are increasingly focused on scenarios with rich and multi-variate structures, which yield real insights into the business rather than a purely mathematical output – insight and foresight are key outcomes from these exercises. The narrative is equally as important as the numbers.

Guide entries by Milliman

FactSet Data & Analytics Solutions


Pricing - Tyche Pricing System & Aon Pricing Platform

Reserving - Tyche Reserving System

Aptitude IFRS 17 Solution

Aquantec Ocean

Atidot AI & Analytics Platform - Atidot OPTIMAL




With Profits Payout Monitoring Dashboard

Demographic Experience Monitoring Tool

ATOME: Particles

ATOME: Matter

ADVISE® Enterprise Risk Modeler

Conning Allocation Optimizer™

Conning Climate Risk Analyzer™

FIRM® Portfolio Analyzer

GEMS® Economic Scenario Generator


Detech Optimizer


Dynamo Analytics - Psicle

Incisive Essentials - Xcellerator


Milliman Mind


Solvency II Compliance Assessment Tool

STAR Solutions NAVI

STAR Solutions VEGA

Milliman Mind–IFRS 17



Nodal Claims Triage

Milliman Economic Scenario Generator

Milliman AccuRate Fleet

Milliman Bungalow

Milliman PinPoint


Milliman Long–term care Advanced Risk Analytics™ (Milliman LARA™)

Milliman M-PIRe Valuation & Securitization Software

AXIS™ Actuarial System

Scenario Generation Solutions

Climate Pathways

RiskIntegrity™ Suite

Oasis Loss Modelling Framework


Economic Scenario Generator

Phinsys Insurance Suite



Matching Adjustment Analytics Tool

R³S Software Suite

Mo.net Model Development Studio

Mo.net Operational Modelling Centre

Mo.net Quotations Service

Mo.net Cloud Modelling Service

Mo.net Mobile Modeller

IFRS Assess Enterprise



Governance, Risk & Compliance System


ResQ Financial Reporter






evo-insight - New Actuarial Modelling and Analytical Platform from Zenith

Actuo SII Engine

IFRS17 Solution

Reserving solution

Solvency II solution

Pricing solution

CLARA Casualty Claim Platform (CLARA Triage, CLARA Treatment, CLARA Litigation, CLARA MSP Compliance, CLARA Optics)

Portfolio Manager

JBA Flood Modelling Technology

IFRS Assess and Risk Analyser

Numerix Insurance Suite


Quantee Platform

On-Demand CAT Modelling Services on the Oasis Platform



FE Solvency II

Grace Connect GRC Suite





Escali Financials and Escali Supervision


Quotech Underwriters Workbench

FIS Insurance Risk Suite (formerly known as Prophet)

LCP InsurSight

SS&C Algorithmics for Insurance

True North Data Platform

Balance Sheet Management (BSM)

Economic Scenario Generation (ESG)

MavenBlue Enterprise Pricing Management (EPM)

Optalitix Models and Optalitix Quote

Montoux Actuarial Automation Platform

Iris Actuarial Platform

CyberCube Analytics - Portfolio Manager

R³S Model Packages

R³S Modeler

R³S Process Manager

R³S Development Manager

Decision Focus

Fathom's Product Stack

Capital - Tyche Capital Model & ReMetrica

Incisive Essentials - Concourse


VIPR Insights - Data Analytics


Protecht ERM

Slope Software

Camms GRC Software

Quantee next-generation insurance pricing platform powered by AI

Oversight360, a Sicsic Solution


End User Computing (EUC) and Model Risk Management Software with Inventory, Discovery and Monitoring Modules

XLAudit Spreadsheet Error Analysis and Data Integrity Software


Financial Results Analyzer

Risk Explorer™

RiskAgility FM IFRS 17 Calculation Engine

Predictable Dynamics


RiskAgility Financial Modeller


iReplicate Policyholder Compression

Asseco IFRS 17 Engine