Milliman Mind IFRS 17 has beat the competition to pick up InsuranceERM's IFRS 17 solution of the year award.

With insurers still getting to grips with the accounting standard that came into effect last year, Milliman Mind IFRS 17 rises to the challenge of helping actuaries ensure compliance, streamline processes and drive strategic decision-making.

The judges described the solution as a "leading edge solution," and they commended the tool's "no-code" approach.

This approach allows Excel capabilities to be enhanced with built-in artificial intelligence and a multi-dimensional engine. This removes the requirement for complex coding, so actuaries can spend more time on strategic analysis and insights.

As a cloud-based solution, Milliman Mind IFRS 17 uses the Milliman Mind platform technology to provide an agile solution.

It also includes all measurement approaches mentioned in the accounting standard for all types of re/insurance contracts. And as the model is open-source, it can be customised by clients.

A spokesperson for Milliman tells InsuranceERM: "We believe [we]have one of the highest cost/benefits/speed/quality combinations on the market for small and medium-sized insurers."

The spokesperson highlighted that the solution already provides post-implementation needs for clients, such as scenario-based projections of IFRS 17 accounts.

In the future, the spokesperson suggests that adding solvency-based valuations and a reconciliation between solvency and IFRS frameworks is a possible extension to the platform.

"New clients will benefit from the continuous improvements that we are making based on the suggestions from our first customers," the spokesperson comments.