Milliman - Milliman Mind
Type of System
- Asset/liability management
- Capital modelling
- Catastrophe modelling
- Climate risk management
- Cyber risk management
- Economic capital aggregation
- End-to-end ERM
- Exposure management
- Governance, risk, compliance (GRC)
- IFRS 17 solution
- Internal/external reporting
- LDTI solution
- Operational risk management
- Portfolio analysis/hedging
- Reserving solution
- Risk management
- Solvency II solution
- Spreadsheet risk management
- Stress testing
Type of platform
Other features - the offering facilitates:
- Least-squares Monte Carlo
- NAIC Principle-based reserving
- NAIC RMORSA
- Replicating portfolios
- Solvency II internal model
- Solvency II standard formula
What are the typical implementation costs?
There are no implementation costs as it is Cloud/SaaS. 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 3.12 was released in June 2021, featuring Analysis of Change and analysis of Sensitivites, sign off & backups, xbrl generation (in option), enhanced dashboard display, and much more…
Planned future enhancements:
- New authentication system including 2 factors authentication
- New project manager
How does your solution integrate with third-party systems or in-house systems?
Mind communicates with Excel through xlsx and csv imports/exports.
It is also capable of full integration owing to its Rest API. Some clients have automated their full closing (including SII & IFRS17) directly from their in-house IT systems, so that it runs every night, to provide users with a dedicated dashboard each morning when they wake up!
What is the key attribute of your product(s) that differentiates it from your competitors?
Milliman Mind is the only professional cloud-based modeling platform using the Excel language an easy and agile models design, providing you 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, and can run >100Gb models.
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!