Milliman - Milliman Mind
Type of System
- Capital modelling
- Catastrophe modelling
- Economic capital aggregation
- Economic / risk scenario generator
- Operational risk management
- Risk management
- Stress testing
- Asset/liability management
- Data management
- End-to-end ERM
- Internal/external reporting
- Portfolio analysis/hedging
- Reserving solution
- Spreadsheet risk management
- Cyber risk management
- Climate risk management
- Governance, risk, compliance (GRC)
- Exposure management
- Solvency II solution
- Pricing and Risk Calibration
Type of platform
Other features - the offering facilitates:
- Least-squares Monte Carlo
- Replicating portfolios
- NAIC RMORSA
- NAIC Principle-based reserving
- Solvency II standard formula
- Solvency II internal model
- IFRS 17
What are the typical implementation costs?
There are no implementation costs for this cloud solution. Half a day of training would be enough to onboard users, owing to the simplicity of use.
How long does your software take to implement on site?
The solution is entirely cloud based, and requires no on-site implementation.
Please name companies that use the system/solution
Undisclosed (includes bancassurers, insurers, reinsurers, and insurance mutuals)
Most recent significant update:
Version 3.0 was released in early 2020, enabling full workflows, control and monitoring of users and runs, prioritisation of resources, and enhanced dashboards.
Planned future enhancements:
Enhanced multi-threading + xbrl generation.
How does your solution integrate with third-party systems or in-house systems?
Mind communicates with Excel through xlsx and csv imports/exports. Furthermore, Mind is capable of full integration with any third-party systems through the Milliman Mind API (which can call Mind from the third-party system, or have Mind call the third-party system’s API).
Milliman Mind also features advanced management console for inputs/outputs.
What is the key attribute of your product(s) that differentiates it from your competitors?
Milliman Mind is not an Excel add-in: it is a professional cloud-based platform with enhanced governance and team work capabilities. It enables you to loop through over 20 dimensions (e.g. model points, scenarios etc.), removing the need for VBA code.
Unlike other platforms, there is no need to learn a new language: models can be built in Excel and are converted automatically to more powerful C# models when you upload them to Milliman Mind.
The dynamic platform facilitates review, and Milliman Mind’s outstanding governance features and easy export of models back into Excel enables stronger model risk management.
What trends are you seeing in terms of customer demand?
Bigger and bigger models, with the aim of producing more accurate projections, which can range up to 500Gb. More and more automation and integration.
Reducing your #model design time drastically, reducing model risks with a complete audit trail and speeding up your runs up to 80x while using #Excel language is easy: just try the new #MillimanMind platform!