(Tower of London. Photo credit: Rafa Esteve.)
Royal London, a U.K.-based mutual insurer has selected Milliman, Inc., to lead a transformation of the insurer’s actuarial systems. The initiative will leverage the vendor’s Integrate financial projection solution for the life industry as well as consulting services.
Royal London aimed to be in a position to react quickly to market changes and new opportunities for further growth, a goal which required robust actuarial and financial reporting tools and processes, according to Shaun Cooper, group chief actuary. “We sought a provider who offered us a complete solution which would meet our current and future needs,” he says. “Milliman’s consulting expertise, in concert with its Integrate platform, gives us the capabilities we need to access information faster and with a greater degree of confidence to make strategic decisions.”
A Milliman statement alleges that its Integrate customers are gaining unprecedented speed and control in financial reporting amidst changing market dynamics and the demand of new regulations.
Selection by Royal London for the transformation initiative is a testament to the firm’s leadership position in next-general financial reporting systems and processes, asserts Neil Cantle, principal, Milliman. “We believe our combined consulting expertise and enterprise-grade solutions enable substantial improvements in financial reporting, while providing a fast and scalable approach to sophisticated financial projections,” Cantle comments. “Today, managing risk, maximizing productivity, and unlocking the full potential of the actuarial staff is paramount, and Milliman’s solution delivers the much needed cost efficiency and scalability companies require to meet the increasing demand for more reliable and timely information.”