Milliman's cloud-native actuarial modelling solution, Integrate, collects the award for cloud technology solution of the year after showing sustained growth, successful client implementations and significant upgrades in the last year.

Integrate enables clients to address regulatory reporting as well as deliver business insights in an "end to end" fashion. The introduction of the new accounting standards IFRS 17 and LDTI, and the move in Bermuda to an economic-based regulatory reporting regime, has encouraged more firms to adopt and expand Integrate-based solutions in the cloud.

Milliman reports software-as-a-service cloud usage increased to 153m cloud hours in 2022, up from 115m cloud hours in 2021. Furthermore, the first two companies to report LDTI results were Integrate clients.

To prepare for the new accounting standards, insurers needed to develop new modelling and data processes, as well as produce multiple disclosure reports, all subject to auditor scrutiny and demonstrated governance. Integrate enabled collaboration across large project teams and enabled the scale required for quick iterations, according to Milliman.

In Bermuda, it was a similar story for the platform, which offers native asset and liability modelling capabilities. Life insurers needed to move quickly to meet new requirements, and companies adopting the Scenario-Based Approach to calculate discount rates had to establish capabilities to perform a full asset-liability projection over a series of prescribed scenarios.

Recent updates include expanded ALM capabilities, the integration of the Milliman ESG solution into the end-to-end workflow, and optimisation of the data transformations. Upcoming innovations will reduce the cost of report generation, automate manual processes that are part of financial reporting, and integrate the data management development environment with the model development environment.

Tom Peplow, senior director of technology strategy, says: "Milliman is known as a leader in delivering innovative solutions to solve the complex problems actuaries and risk managers grapple with daily. The cloud has been a tremendous enabler of this innovation, allowing us to bring broader capabilities and scale to our clients, while giving access to tools that integrate data, calculations, reporting, data exploration and visualisation, workflow, governance and more."

"This award reflects the innovation and maturity of our cloud solutions and the depth and breadth of multidisciplinary talent we bring to bear."