Type of System
- Asset/liability management
- Capital modelling
- Catastrophe modelling
- Economic capital aggregation
- Economic scenario generator
- End-to-end ERM or Solvency II solution
- Governance, risk, compliance
- Internal/external reporting
- Operational risk
- Portfolio analysis/hedging
- Risk Management
- Spreadsheet risk management
Type of Platform
Most recent significant updates:
Version 1.0 has just been updated, including automated multi-dimensional projection enabling to get rid of macros.
Planned future enhancements:
Connectors to third party platforms / systems / databases. Workflow management functionalities.
The offering facilitates
- Least-squares Monte Carlo
- Solvency II standard formula
- Solvency II internal model
- Replicating portfolios
- IFRS 17
- Principle-based reserving
Integration with third-party or in-house systems?
Through flat files (e.g. CSV), but next version will include connectors.
Implementation and Costs
Typical implementation costs:
There is no implementation as it is a cloud solution. Half a day's training could be enough to be onboard, owing to the simplicity of use.
How long does your software take to implement on site?
As a cloud solution no implementation is required.
Key attributes of product:
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 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.
Please name companies that use the system/solution:
SHAM (Societe Hospitaliere D'assurances Mutuelles)