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

No-code software has become popular in recent years, and it's easy to see why. No-code platforms enable a user to create an actuarial model in Excel, without the need to use the VBA coding language, and convert it to a full C++ or C# model.

While most solutions focus mostly on pricing, Milliman says its Mind offering is the first full no-code actuarial modelling platform. Milliman Mind says its platform enables users to code any actuarial model, much faster, without having to learn a complex language.

Pierre Miehe, head of Milliman Mind, says actuaries have to deal with a lot of modelling constraints, reporting deadlines and a booming amount of data.

He says: "Huge projects have started in the last five years to try and build all the bits of models in languages like Python & C#. This is forcing actuaries to code in IT languages and lose much productivity."

Miehe adds with Milliman Mind users have "generally speeded up their actuarial models by a factor of 5* to 200*, gaining time to control and rerun if necessary."

Looking ahead, Miehe says by becoming part of Milliman's Integrate offering, Milliman Mind insurers to automate and streamline any financial process while "still enabling actuaries to design models without having to write a single line of code".

He added that Milliman Mind will also enable insurers to unify all their models into one single project and workflow.

Milliman Mind is viewed by the judges as applied innovation in practice. This was substantiated by several user cases from around the world.