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.

Milliman explained how Integrate has adapted quickly to regulatory and accounting changes, such as Solvency II, LDTI, IFRS17, and more recently the Bermuda Monetary Authority's (BMA) regulatory reporting regime.

To meet the BMA requirements, for example, companies adopting the scenario-based approach must perform a full asset-liability projection over a series of scenarios. In addition, the BMA emphasises the importance of robust risk management practices, which should include the ability to stress test the economic balance sheet in the future as well as calculate a point-in-time value.

This can create challenges managing potentially huge amounts of data and having the required computational power, and being able to perform the calculations quickly and in a controlled environment.

By providing a cloud-native, highly scalable SaaS solution, Integrate has enabled its clients to meet the BMA's rules. The platform enables a complete end-to-end automated workflow process, from policy extracts through to reporting, all with a highly governed change control process.

The judges also liked how Milliman has supported its Bermudian clients through every step of their implementation of the new regulatory regime – from interpreting actuarial aspects of the regulations, to supporting the efficient build-out of models.

Commenting on factors that will drive innovation in regulatory reporting software, Tony Dardis, principal and consulting actuary at Milliman, cites climate change as an example.

Dardis says: "As we look at climate risk changes 5, 10 or 20 years ahead, what does that mean for the company's balance sheet and overall capital position? Integrate is being used by Milliman's clients across the globe for this type of assessment."

Pat Renzi, principal and CEO of Milliman's Life Technology Solutions, adds: "This demonstrates how Integrate is being used not just as a regulatory reporting tool, but more generally as a discovery tool as companies look at new strategies, markets and products."