Rapidly improving technologies have provided Moody's Analytics with greater opportunities to support clients' business needs.
Such opportunities have enabled Moody's Analytics to claim the best enterprise risk management (ERM) end-to-end solution for the second consecutive year as its combination of economic content, stochastic modelling, actuarial modelling and software pays dividends.
Its offering helps firms manage a wide range of finance and risk data, produce risk and solvency analytics to support risk-based decision making, as well as generate regulatory and business reporting.
InsuranceERM's judging panel also praised the solution for its scale and its innovativeness.
The previous 12 months have undoubtedly brought challenges and opportunities in the insurance sector and the company stresses the Covid-19 pandemic has accelerated the digital transformation of key processes.
Cloud technology has played a major role in increased digitalisation by providing support in a remote working environment.
"Insurers will have to embrace the speed of change and use digital transformation to enhance the customer experience, as well as leverage data to improve efficiency through automation to remain competitive in this changing landscape," says a Moody's Analytics spokesperson.
Despite potential risks posed by increased cloud usage, the company is confident the benefits, such as resized infrastructure, capacity on demand and lower cost of ownership, outweigh the risks.
"Organisations should be careful to understand the classification of risk associated with the data being considered for cloud deployment and choose or design solutions accordingly," says the spokesperson.
"The vendors they select should have proven track records for securely deploying solutions in the cloud and associated attestations."
Moody's Analytics also reports it is seeing changes in the risk modelling demands of insurance firms.
In 2020, for example, Moody's Analytics SolvencyWatch solution was introduced to help insurers update their solvency metrics in real time, without the need to re-run the business's full valuation model.
