Milliman has been honoured with the actuarial modelling solution of the year Americas award from InsuranceERM for its innovative Integrate platform.

The award recognises Integrate's comprehensive approach, which extends beyond traditional actuarial applications to support strategic decision-making.

Milliman says Integrate is the first fully industrialised solution for actuarial and risk reporting that enables complex risk and return metrics, incorporating both liabilities and assets.

A Milliman spokesperson highlighted: "Integrate is both broad and deep. We tackle challenges related to data management, change management, collaboration, and the ability to model complex products and regulations holistically, allowing companies to optimise business management."

In July 2023, when the Bermuda Monetary Authority proposed enhancements to the regulatory regime for re/insurers, Milliman swiftly adapted Integrate to meet these new requirements. This provided Bermudian clients with regulation support, enhanced transparency and improved performance.

Integrate reduces model configuration time, enhances cross-department coordination and ensures strong model governance. In one instance Milliman cites how a client used Integrate to optimise their asset portfolio after the initial results showed some risks to returns on a potential transaction.

The spokesperson adds: “Our data tools and automation capabilities provided the client with what they needed to make a critical business decision.”

The judging panel decided Milliman's Integrate stands out as a leading actuarial modelling technology, delivering comprehensive solutions for valuation and financial projections while addressing the dynamic challenges faced by today's re/insurers.