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“Transformation” may be an over-used buzzword in our industry, but the concepts behind it are real. Some companies have already undergone a transformation in actuarial processes—shifting to the cloud and leveraging the computing power required for advanced valuation requirements. But many businesses may be just starting or wrapping up such a transformation.
Some examples of key drivers for a company that wants to scale up in this way are adapting to PBR and GAAP LDTI requirements. The goals of these transformations are typically:
If you’re in a company with a reasonably large product portfolio, you’re already dealing with PBR and experiencing the challenges of that shift in environment, culture, and infrastructure. You might have found yourself saying things like:
"We’re spending too much time rewriting code and struggling with an outdated, inadequate, on-premise grid."
"Our actuaries are still too busy ‘turning the crank’—i.e., doing data work and creating numbers—instead of helping make strategic decisions and adding genuine value.”
The Integrate platform has helped many organizations start and complete genuine transformations, with an approach that helps:
The cloud-native Integrate platform can scale up and down to meet your real-time needs—from a few hundred cores to several thousand—ensuring robust support for the modeling required by PBR and GAAP LDTI.
A single cloud-computing platform reduces costs, but Integrate also provides support with model development to leverage system flexibility for unique product features. When we partner with you on model development, all model changes are highly auditable, controlled, transparent, and portable. Partnering with your team, together we take on the annual process of upgrading your models’ business logic, helping you focus exclusively on those decisions that matter, so you can take advantage of improvements that we continuously incorporate into our own standard logic.
Even beyond the stability of strong SLAs, responsive support, and disaster recovery capabilities, the Integrate platform provides assurance in the form of a true partnership.
System consolidation onto the Integrate Two platform is the right choice for companies at the start of or in the midst of an actuarial transformation.
Typical outcomes for a move to Integrate Two in this scenario include:
We partner with you to better understand and define your goals, so we can work together to develop a custom TOM that can become the roadmap for a transformation project.
Integrate enables model developers to coordinate a release, work in parallel, define and enforce a process around change, and visually see and resolve conflicts, thereby increasing efficiency and consistency.
Enhanced capabilities can dramatically improve valuation, as well as governance and control around the production environment with the transparency and auditability of model changes.
The comprehensive improvements of an Integrate implementation can empower management to go to the board, regulators, and rating agencies at the end of a project and declare success in becoming more efficient, nimble, and stable.
A single platform helps to reduce costs, increase efficiency, and ensure better governance and controls.
Integrate can help you tame the inefficient sprawl and inconsistency that often accompanies rapid growth.
Adopt the Integrate platform at the ideal level for your organization’s business needs—with tiers of service ranging from simple calculations and basic modeling to a complete end-to-end solution.
Integrate One builds on Integrate Base, enabling you to keep up with the latest best practices and innovations, while helping you to tap into the power and flexibility of the cloud with more scalability, reliability, and the freedom to customize on an open platform with strong governance.
Integrate Two builds on Integrate One and provides a higher level of governance through powerful tools to manage and control model development and change.
Integrate Three builds on Integrate Two and represents a complete actuarial transformation, with an automated, end-to-end solution, from initial data integration to advanced reporting and storytelling.
Integrate Base replaces MG-ALFA as the next-generation actuarial calculation engine. This foundational modeling software is hosted in the cloud and provides enhanced operational support and full disaster recovery services.
With scarce actuarial resources, insurers can adopt lean manufacturing…
When describing the benefits of continuous delivery to a risk team, it’s…
Milliman, Inc., one of the premier global consulting and actuarial firms, today…
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