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Financial Services FINANCIAL SERVICES KAREN CONE: MICROSOFT As the financial services sector seeks to drive digital transformation, the cloud is powering one of the fast- est growing workloads in insurance: risk modelling. In risk modelling, speed and capacity are the keys to business value and, alongside our partners, we’re see- ing a rapid rise in the number of insurers looking to the cloud to manage their risk workloads. Find out more in the following pages. In this section we also explore how blockchains are a catalyst for a collabo- rative economy, and how innovative mobile solutions are helping banks to boost productivity and deliver exciting experiences, anywhere. 74 SPECIAL REPORT: RISK MODELLING The future of risk modelling JONATHAN SILVERMAN: MICROSOFT Microsoft and its partners are ensuring that the Microsoft Azure cloud helps insurers to manage risk modelling in a way that delivers immediate value n risk modelling, speed and capacity are the driving them to look for other options around keys to business value. But there is no value in how and where they can do this computing, and Imanaging an infrastructure to deliver capac- the cloud is coming to the fore.” ity that you only use sometimes. “Maintaining If an insurer normally uses 2,000 cores, but an in-house grid of the size required starts to needs 5,000 to run quarterly or annual risk cost significant amounts of money, with much models, then it’s much more cost-efficient to of that capacity sitting idle most of the time,” pay for extra capacity only when it’s needed. says Joel Fox, director and global life financial In a TCO analysis for one customer we esti- modelling and reporting leader at Willis Towers mated that continuing to run their modelling Watson. “At the same time, insurers face down- onsite would require an additional investment ward pressure on the operational costs of satis- of about US$5.5m – but doing it in the cloud fying reporting requirements. These factors are would only cost about US$1.7m. In fact, in our work with customers to date, we’ve seen that the SOLUTION PROFILE cost of managing the infrastructure in the cloud can be 45-65% lower than managing it onsite. Microsoft Azure enables insurers to spin up a A forward-looking approach new environment in minutes, delivering capac- ity as and when it’s needed so they can stay Integrate is Milliman’s award winning, end-to-end financial focused on the business. “It’s almost impossi- and risk modelling technology platform that takes a holistic, ble for insurance companies to manage all the forward-looking approach to the automation and governance applications they’re using in their business pro- of actuarial modelling and reporting. Powered by Microsoft cesses in-house,” says Peter Haslebacher, head Azure, Integrate reimagines the relationship between people, of global insurance strategic alliance at FIS. “As processes, and technology and frees up actuaries’ time to focus a result, we are now seeing a drive from insur- on strategic, high value problem solving. It takes advantage of Microsoft Azure for complex computational tasks, and leverages ance companies to move their applications into services such as Azure Data Factory and Azure HDInsight to hosted application managed environments. automate extract, transform, and load (ETL) processes and Insurers need to cope with large fluctuations in crunch big data. With the recent addition of Microsoft Power the capacity they need – and that’s where the BI Embedded, Integrate enables its users to quickly create cloud’s elasticity is delivering key benefits.” and share data through powerful interactive dashboards and Regulatory demands are also driving insur- reports. Now, Milliman can innovate faster and further, and the ers towards the cloud. New standards such as insurance industry benefits from a more accessible, affordable Solvency II, Dodd Frank and the International financial modelling and reporting solution. Financial Reporting Standards mean that insur- ers are now being asked to run more complex 75 www.technologyrecord.com INSURANCE models, more often. “The increasing demand for It’s natural for insurers to look at the risk of computation ability really crystallises at report- doing these types of workloads in the cloud. ing dates, and cloud resources enable insurance At Microsoft, we work with regulators, deal businesses to handle that,” says Trevor Howes, with compliance and make sure we meet all vice president and actuary at GGY. “One trend we’re seeing is that insurers are bursting through to the cloud, and there is more willingness to “In risk modelling, speed consider starting from the cloud when we’re and capacity are the keys to implementing our solution.” Automating many of the manual processes business value” involved in financial management can enable insurers to meet current and future industry the appropriate security standards. We pro- demands. “Insurers gain more time to focus on vide detailed security, privacy and compliance analysing the data, rather than producing it,” says information about our cloud services through Carmela Owens, alliance manager at Tagetik. the Microsoft Azure Trust Center, to help cus- “This enables them to respond flexibly to the tomers make their initial regulatory assess- inevitable changes as regulators and the industry ments. In most instances, companies find that continue to debate and adjust the requirements.” the cloud provider has more stringent security 76 SPECIAL REPORT: RISK MODELLING standards and requirements than their own consolidating the disparate systems they man- data centre. “We’ve seen a lot of organisations age onsite. In many cases, the cloud enables with systems for risk management and actu- customers to make use of existing technol- arial modelling that are just not as controlled ogy investments – for example, with Cortana as they should be, and that affects the qual- Intelligence Suite and PowerBI they can use ity of the data coming in and the information powerful mapping visualisations and ana- coming out,” says Pat Renzi, a principal with lytics to do catastrophic risk modelling. The the Life Technology Solutions practice of Milliman. “It comes back to having confidence in your information, and that necessitates a “Early adopters have already found completely controlled environment.” out how the cloud can transform Microsoft’s compliance programme specifi- cally addresses customer requirements related to their business” these concerns. Early adopters have already found out how partners we work with at Microsoft are key to the cloud can transform their business, and ensuring that Azure delivers all these benefits, we’re seeing a huge rise in the number of cus- enabling rapid time to value so insurers can tomers investigating the possibilities of the stop worrying about their infrastructure and cloud to manage their risk workloads. Some focus with confidence on the business. are choosing software-as-a-service options that enable them to manage the entire risk Jonathan Silverman is industry solutions modelling process in the cloud rather than director, worldwide insurance at Microsoft 77 www.technologyrecord.com Latest thinking. Leading software. Unlocking potential. Innovative software solutions backed by insurance industry insight Our rich heritage in insurance risk, analytics and technology gives us a unique perspective. We o ffer more than individual products and services – we understand your business issues, allowing us to deliver software solutions so that you can unlock your full potential. To find out more, please contact [email protected] Copyright © 2016 Towers Watson. All rights reserved. WTW-EU-16-ADV-3167. Towers Watson is represented in the UK by Towers Watson Limited. willistowerswatson.com Microsoft Global ISV SPECIAL REPORT: RISK MODELLING Empowering the world PETER HASLEBACHER: FIS Peter Haslebacher of FIS told us how the company is helping insurers to meet multiple risk and regulatory requirements isk management is an increasingly com- of our clients has 18 different entities that need plex challenge for insurers, especially if to ensure compliance not only on a local and Rthey operate on an international scale. regional basis, but also in a consolidated and “It’s challenging enough to comply with regu- aggregated form for the group.” lations in a single geographical location,” says Ensuring that the capacity is available to Peter Haslebacher, Head of Global Insurance model risk scenarios when they are needed is Strategic Alliance at FIS. “But that challenge is key to complying with those regulations, says multiplied for insurers that operate in multiple Haslebacher. “It requires a lot of computing countries, because they need to comply with a power to make sure you can model all these dif- range of local and regional regulations in a very ferent risk scenarios. Insurance companies are short window of time. For example, firms now producing terabytes of data and they need the need to comply with Solvency II in Europe, capability to extract the relevant information local risk-based capital regimes and need to that can help them drive the business, assess risk prepare for new IFRS reporting requirements. and react quickly to market changes by getting At the same time, the business needs to com- new products out to the market. The more agile ply with internal parameters and guidelines an organisation can be, and the faster it can react, related to risk profiles and product ranges. One the more potential revenues and business it can generate. Due to the high volatility of capital PROFILED: AIA GROUP markets, management is increasingly asking for more analyses in ever shorter periods of time – another reason for more efficiency and flexibility Operational agility in data processing.” Insurance businesses are increasingly looking AIA Group has implemented FIS’ Prophet Managed Cloud at hosted environments as a means to achieve Service to support its life insurance businesses in 14 markets those goals. “Cloud computing offers the capa- across the Asia-Pacific region, to increase the agility and bility to move capacity up and down as it is performance of AIA Group’s actuarial modelling processes.
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