Milliman has achieved a hat-trick with its cloud-based modelling solution Milliman Mind after winning an InsuranceERM award for the third time.

It is easy to see why it deserves the accolades. Developed as a solution to help insurers manage the model risk arising from the use of spreadsheet-based models, insurers have found it useful in many other applications.

InsuranceERM's independent judging panel in particular praised the solution for capturing key enterprise risk management risks.

For instance, Mind has been used as a modelling platform for cyber risk – a risk that has become especially pertinent with so many people working from home as a result of the Covid-19 pandemic.

According to Pierre Miehe, an actuary at Milliman and the brains behind Mind, "insurers have started using Milliman Mind for one risk then they extend to other risks.

"We come to insurers to solve one pain they have, then they want us to solve all those other things."

For example, since the launch of Milliman Mind in 2018, a multinational reinsurer has switched to Mind for its life reserving process, while a large composite insurer has also chosen Milliman's offering for its full IFRS 17 modelling.

In another instance, a large bancassurer was using its spreadsheet-based partial internal model to run 60,000 stochastic simulations. The model required four computers to run simultaneously for a total runtime of over 40 hours.

Following a short migration to Milliman Mind, the company is now able to run 20 scenarios of 60,000 simulations "with just one click". The runtime has dropped from over 40 hours to just one hour.

Features added in 2020 include the ability to define production workflow in one click and automated dynamic handling of different levels of granularity (such as group, company or branch).