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, including valuation, capital and solvency calculation, analytics and reporting.

The firm's solutions also enable insurers to deal with the demands of new regulatory and reporting frameworks, such as IFRS 17, IFRS 9 and LDTI.

Moody's Analytics says its tools are delivered in a way that is easy to use, easy to deploy and can support broader business needs. And according to the judges, Moody's Analytics products are impressive.

The provider says its AXIS™ Actuarial System, for example, is widely used by life re/insurers and consulting firms for pricing, reserving, asset liability management and financial modelling.

Moody's Analytics explains that insurers can also address their capital and enterprise risk management needs through its RiskIntegrity™ Suite of solutions and/or the firm's research and advisory capabilities.

As risks become ever more complex, a spokesperson for Moody's Analytics says delivering solutions to meet demand for better data, modelling, and analytics is essential.

The spokesperson says: "We expect the importance of technology and cyber risk to create demands from insurers in a new risk area."

Artificial intelligence, and in particular machine learning, are increasingly becoming an important component of insurers' toolkits and are "an essential area of focus as we continue to ensure that our technology and solutions meet the evolving needs of our insurers", adds the spokesperson.