Milliman - Integrate
Type of System
- Capital modelling
- Economic capital aggregation
- Economic / risk scenario generator
- Risk management
- Asset/liability management
- Data management
- End-to-end ERM
- Solvency II solution
- Internal/external reporting
- Portfolio analysis/hedging
- Governance, risk, compliance (GRC)
- Daily Solvency Monitoring
Type of platform
Other features - the offering facilitates:
- Least-squares Monte Carlo
- NAIC Principle-based reserving
- Solvency II standard formula
- Solvency II internal model
- IFRS 17
What are the typical implementation costs?
Implementation plans are structured based upon individual client needs.
How long does your software take to implement on site?
Implementation time depends on the intended use cases and the business complexity. It may range between several months for a pragmatic cash flow model of a simple fund to 2-3 years for a full end-to-end ERM solution covering a wide range of applications for a large group.
Please name companies that use the system/solution
The Phoenix Group, Royal London and five large US insurers
Most recent significant update:
We introduced the ability to distribute calculations by liability cell within each economic scenario, which can decrease runtime by orders of magnitude. We have also extended functionality in Integrate to support time-zero valuations and deferred profit liability projections for interest sensitive and traditional life, health and DI products.
This includes time-zero income statements and balance sheets reflecting LDTI calculations, additional disclosure items related to transition, and ability to lock-in the reserve net premium ratio. Projected income statements and balance sheets, as well as support for market risk benefits are now also included in our solution.
Planned future enhancements:
Enhancing our tools to utilise artificial intelligence / machine learning tools.
Incorporating robust Storytelling capabilities, enabling improved collaboration within our reporting and business intelligence platform.
Storage optimisations for increasing performance and reducing the cost of our big data platform.
How does your solution integrate with third-party systems or in-house systems?
We work with our clients and system providers as needed. For example, we incorporated Deloitte’s XSG scenario generator into our end-to-end cloud computing process at Phoenix. Our IFRS 17 solution is designed such that we are agnostic to the system used to generate the policy cash flows feeding the IFRS 17 processes.
What is the key attribute of your product(s) that differentiates it from your competitors?
Integrate represents a paradigm shift in actuarial software and solutions. A single technology platform that enables a holistic approach to the actuarial modelling and financial reporting process, Integrate balances flexibility and control.
It includes: scalable computing power powered by Microsoft Azure; automated and controlled end-to-end workflow for production cycles; professional services and cloud operations support tailored to client needs; Solvency II standard formula and internal model risk distribution calculations.
What trends are you seeing in terms of customer demand?
We are seeing increasing demand for comprehensive systems that provide a one-stop-shop for all aspects of the actuarial value chain.
Customers are seeking solutions not just for actuarial calculations; they are seeking solutions for front-end data management that is coherent with their actuarial calculation engine; governed and controlled end-to-end processing of increasingly complex workflows brought about by emerging regulations; scalable and low risk computing capabilities; and back-end reporting and data visualizations capabilities that are fast and easy to use.
In the past, these components were patched together in a way that is very costly to maintain. Vendors able to provide a comprehensive system for the modern actuarial organization will have an advantage over others who fail to address the entire value chain.
Leverage technology for faster, more reliable information with Integrate. Get Milliman’s Integrate solution at milliman.com/integrate