InsuranceERM Annual Awards 2023 - UK & Europe

Milliman's actuarial modelling platform, Milliman Mind - NoCode Modelling Solution, was the winner because its no-code approach makes it faster, easier and simpler to design models.

LCP wins this award for raising the profile of the actuarial function, innovation in the longevity and mortality space, and in recognition of its analytics platform LCP InsurSight.

Hymans Robertson was the clear winner in the ALM category because of the breadth and depth of the team's expertise in areas including asset origination, ALM hedging and modelling.

InsuranceERM's judges lavished praise on LCP's actuarial and analytics platform, InsurSight, for the way it has successfully integrated machine learning into the reserving process.

After coming of age in 2022, cloud technology is reinforcing its importance in the insurance sector as the need for regulatory compliance and increasing innovation grows even stronger.

InsuranceERM's judges agreed the work of PCS, a Verisk business, on events like hurricane Ian, and specialty losses from the conflict in Ukraine, was essential to re/insurers

With one judge calling it a stand-out entry and the potential to be a game changer, Oasis Loss Modelling Framework receives the award for catastrophe risk modelling solution of the year.

Game, set, and match in this year's chief risk officer (CRO) of the year category goes to tennis fan and Domestic & General's (D&G) group CRO Tom Hughes.

An example of a successful academic spin-off is how one judge described Previsico, which has won the climate risk management solution of the year.

The increasing frequency and sophistication of cyber-attacks, the increasing pace of digital transformation and advances in big data and cloud computing mean cyber risk is one the biggest threats to business...

NN Group wins the diversity and inclusion (D&I) excellence award for its focus on five different D&I dimensions: gender, generations, cultural diversity, LGBTI+, and neuro and physical diversity.

Picking up the data solution of the year award, Impact Forecasting, the catastrophe modelling team of broker Aon, has reacted to this growing natural catastrophe exposure with its Impact Forecast Underwriting Data Service (UDS).

Moody's Analytics stands out in this field for continuing to expand its economic scenario generation solutions.

Apparity receives the award for end-user computing (EUC) risk management solution of the year for its product innovation and prioritisation of customer needs.

Moody's Analytics scoops this award for the way its stochastic models, software and services enable over 400 insurance clients across the globe to perform a range of functions...

NN Group wins the ESG initiative of the year award as it continuously looks to create products and services that add environmental value, as well as making investment decisions based on ESG criteria.

Selecting an appropriate consultancy to help implement the IFRS 17 standard has become critical for many insurers.

Following extensive build up, IFRS 17 came into force in January 2023 and the industry began getting to grips with the significant changes the new accounting standard introduces.

Insurers face a plethora of investment challenges in the current macro-environment ranging from high inflation, the Russia-Ukraine war and a possible recession.

By 2022, ICEYE had monitored over 460 potential floods worldwide and conducted detailed flood analysis on 48 significant events using the satellite system.

David Otudeko wins the Judges' Award in a year when he led the UK insurance industry's response to some crucial and high-profile agendas, notably Solvency II reform and the endorsement of the accounting standard IFRS 17

To win an InsuranceERM award for the second year in a row fills the Decision Focus team with pride, says Jeff Robinson, head of risk and compliance solutions at the vendor.

Pacific Life Re wins InsuranceERM's award for re/insurer of the year for its focus on culture, wellbeing and innovation, along with an integrated risk management system.

The adaptability, added value and decision-making support that Milliman's Integrate platform provides to insurance clients stood out to the judges, making it the clear winner for this award.

Tightening deadlines, resource constraints, mounting regulatory and governance requirements, and increasing business complexity are all major challenges facing insurers' reserving processes.

Crowe knows what it takes to be successful - as highlighted by this being the fourth consecutive year it has won the risk consultancy title in the InsuranceERM UK & Europe awards.

In 2016, the Solvency II rules for insurers came into effect and the UK voted to leave the EU.

The Ukraine war and stranding of leased aircraft in Russia has led to constrained capacity in a global specialty reinsurance market that was already struggling to access capital.

Moody's Analytics wins this award for several reasons. These include adapting its Solvency II solution to the current market environment and the tool's comprehensiveness.

The fast-changing nature of cyber risk means it is highly challenging for insurers to identify portfolio exposure accumulations and develop realistic cyber catastrophe scenarios.

Conning's modular functionality was the key factor in it winning the third-party risk solutions provider of the year - and the judges said it provides the flexibility needed in a changing world.

LCP's Lara Palmer has completed a rapid rise to claim the young actuarial and risk professional of the year award.