Milliman - Integrate
Type of System
- Asset/liability management
- Capital modelling
- Data management
- Economic / risk scenario generator
- End-to-end ERM
- Governance, risk, compliance (GRC)
- IFRS 17 solution
- Internal/external reporting
- LDTI solution
- Portfolio analysis/hedging
- Reserving solution
- Solvency II solution
- Stress testing
Type of platform
Other features - the offering facilitates:
- Least-squares Monte Carlo
- NAIC Principle-based reserving
- Solvency II internal model
- Solvency II standard formula
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
Integrate is used by more than 100 companies worldwide, including The Phoenix Group, Royal London, Prudential of Japan, Jackson.
Most recent significant update:
The core actuarial modelling platform embedded in Integrate, MG-ALFA, was substantially re-written as a cloud native application, providing a more seamless integration of the complete end-to-end experience, as well as the transition between development, test and production.
We introduced capabilities for experience monitoring and experience studies, leveraging the big data platform that underpins Integrate.
Additionally, we enhanced our analysis and reporting capabilities to include robust Storytelling capabilities, enabling improved collaboration, auditability, and governance around the analysis and sign-off of results.
We updated the technology underpinning our big data platform to provide a visual tool for buildingandmanagingETLprocesses. Thenewplatformrequireslesscoding/scripting, which makes it more accessible to business users.
Finally, we improved our LDTI and IFRS 17 solutions through collaboration with clients.
Planned future enhancements:
- Integration with Milliman CHESS
- A restructuring of the way data is stored to reduce time and cost.
- Expansion of the change management system to include data management, ETLs, and
- reporting in addition to the models, model configuration, and workflow. These robust tools include planning tools to manage backlog, releases, and promotions from dev to test to prod.
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 and LDTI solutions are designed such that we are agnostic to the system used to generate the policy cash flows feeding the IFRS 17 or LDTI model and we provide feeds to downstream systems processes and platforms such as Oracle and SAP.
What is the key attribute of your product(s) that differentiates it from your competitors?
Integrate redefines the actuarial systems value chain by empowering actuaries with more control over the entire end-to-end modelling and financial reporting process, including data management, data transformations, data visualization, and workflow configuration and orchestration, all connected within a single platform. Integrate balances flexibility and control across all aspects of the process. It includes:
- Scalable computing power
- Automated and controlled end-to-end workflow for production cycles, including automated data management and ETL processes connected to the modeling processes themselves.
- Professional Services and Cloud Operations Support tailored to client needs
- Regulatory currency, including Solvency II, IFRS17, LDTI, and US PBR.
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 in alignment 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 do not address the entire value chain.
Leverage technology for faster, more reliable information with Integrate. Get Milliman’sIntegrate solution at [email protected]