InsuranceERM Annual Awards 2020 - UK & Europe

RPC Consulting's actuarial and financial modelling platform, Tyche, was the clear winner in this category and was highly praised by the judges for being "a market-changing product" and "offering a truly end-to-end and flexible solution".

Actuaries have long been the technical backbone of the insurance industry. However, actuarial work is changing. An expanding risk universe and new risk models mean they are playing a more active role in all aspects of the re/insurance value chain, and getting involved in crucial issues such as climate change.

Tackling big problems with a small number of people has required a real collaborative effort, and InsuranceERM's judges recognised those efforts with the ALM team of the year award.

In the last year, Securis has closed an innovative longevity swaption and it continues to explore new geographies and new, non-traditional counterparties.

In 2019, Dutch insurance group NN moved its internal model and its risk platform into the cloud. One key element was taking NN's Solvency II calculation engine live on Microsoft Azure.

Stress testing enables firms to test the sensitivity of their liabilities and assets to a range of scenarios. The findings can then generate ideas on how to grow the business or position it to avoid potential losses.

Impact Forecasting has become a well-established name in the field of catastrophe modelling and the preceding year has brought a number of advances to solidify the reputation of the team.

InsuranceERM's judges understood the importance of the challenge, and acknowledged how CyberCube would be a great help to insurers in understanding accumulation and potential clash.

Climate change poses undeniable financial risks for re/insurers' business models and customers around the world. There has been plenty of talk, but often little real action beyond the 'warm words'.

Chief risk officer of the year goes to Tom Wilson for being a highly respected thought leader in the world of risk management, with his contribution extending far beyond his organisation.

Since its founding in 2016, Kovrr's goal has been to enable re/insurers to predict and price cyber risk.

To truly earn the title of "data solution of the year", a provider must be able to show how it transforms raw data into meaningful financial results and risk metrics.

Catherine Drummond, partner at LCP, explains the key to its success in this area is simply continuing the firm's long-established culture.

Like them or loathe them, insurers continue to rely on spreadsheets, and the data embedded in them, when making critical decisions.

End-to-end risk modelling solutions have developed from a need among insurers to have a quick, accurate and reliable understanding of their enterprise risk and solvency positions.

Economic scenario generators (ESGs) are critical to insurers' risk and capital management processes and demands for greater innovation in these offerings is intensifying.

Aviva Investors stood out for InsuranceERM's judging panel because of its deep understanding of the technical investment challenges and regulatory constraints faced by insurers, plus its strong position on environmental, social and governance (ESG) aspects.

InsuranceERM's judging panel was impressed with how Kovrr's platform analyses companies' technology stacks, their third-party service providers and the cyber threat landscape.

CyberCube came out on top in this highly competitive category because the scope of its offering - spanning underwriting, pricing and aggregation modelling - set it above the rest of the field.

Dedicated, passionate and highly respected, Bernardino has given Eiopa a profile and credibility, and helped put the insurance sector on the European map. He is a deserving winner of InsuranceERM's judges award for contribution to the industry.

The judges felt taking the Club Vita model, which underpins much of Hymans Robertson's longevity expertise, to the US and rolling out in that market was a bold and significant achievement.

LV= is a worthy winner of this category for its role in addressing the challenges and risks in its acquisition of Teachers Assurance, a member-owned mutual friendly society.

The IFRS 17 accounting standard - which is expected to be implemented in January 2022 - challenges insurers to update their existing models to deal with the granularity of output needed.

ViClarity won this year's best operational risk solution because it allows insurers to track and manage all of their audit, risk and compliance in one system.

Insurers may have been quite wedded to traditional reserving processes in the past, but all that is all changing now, according to Shil Patel, Psicle director at Dynamo Analytics - the winner of this year's best reserving solution.

Moody's Analytics wins regulatory reporting software of the year for its RiskIntegrity Suite, which helps insurers deliver on demands for more frequent and timely reporting.

With more than 450 insurance industry clients - ranging from commercial, mutual and captive insurers - Crowe provides a number of risk consulting services including enterprise risk management, third-party risk, regulatory compliance and governance, risk and compliance.

In the new digital landscape, emerging technologies create urgent demands from customers, and insurers' strategic planning cycles and traditional product offerings often lack the required agility.

Argo Group's team demonstrated the value-adding potential of capital modelling, as well as clearly explaining how the process delivered for the business, commented the judges.

Moody's Analytics "solid track record" of Solvency II expertise was recognised by the judges. This encompasses the RiskIntegrity Suite, which features standard formula and internal model capabilities, as well as regulatory reporting capabilities.

Culture is key to risk management and Generali Switzerland's chief risk officer, Giselle Lim, has not only reshaped her team's working culture, but helped developed the risk culture across the insurer.

Winning the award for young professional of the year involves demonstrating a determination to go above and beyond the usual. Lloyd Richards has certainly done that in his professional and personal life.