Milliman's actuarial modelling platform, Milliman Mind, has clinched InsuranceERM's coveted analytics solution of the year award.

In today's fast-paced landscape, where regulatory demands and market shifts are constant, risk modelling tools can struggle to keep up. Milliman Mind tackles this challenge head-on with a cloud-based "no-code" modelling approach.

This platform empowers actuaries that boosts Excel capabilities by building comprehensive web apps while unlocking new levels of speed, agility and scalability.

The impact of this technology is evident in its successful adoption by leading re/insurers worldwide. A testimonial from one top UK life insurer, explained how it has used the tool to automate all manual processes, while a major French insurance group saw a 10x reduction in runtime for stochastic asset projections after using the solution.

After purchasing the solution, a major multinational re/insurer said its actuaries have "found back their sleep time" thanks to the tool's ability to automate pricing processes. Meanwhile, a major US health insurer using Milliman Mind said it slashed its runtime from days to hours, enabling crucial stress testing to be conducted and reinsurance optimisation.

Milliman Mind doesn't just stand alone. Milliman says it enhances other existing products, like MM_IFRS17 and Vega V6, further empowering clients with comprehensive solutions for IFRS17 compliance and Solvency II reporting.

By simplifying complex tasks and unlocking the power of "no-code" technology, the judging panel noted how Milliman Mind is transforming the way actuaries work, leading to faster, more informed decisions and a competitive edge in a dynamic market.