NEW YORK CITY (December 13, 2021) - Montoux has leveraged Amazon Web Services (AWS) to develop groundbreaking technology to migrate actuarial models from previous generation actuarial systems through the use of high performance computing and the application of deep learning algorithms. This reduces a 6–12-month actuarial process to days. The technology only requires inputs and outputs from the legacy model and does not require in-depth knowledge from the model that needs to be migrated - reducing adoption costs and time.
Key outcomes this allows:
- Significant reduction in model run time, resource, and cost by shifting models from previous generation on-premises systems to elastic and scalable cloud infrastructure
- More granular and accurate understanding of customers, enabling more customer-centric products and services
- Increased utility of the actuarial model data by migrating it to a built-for-the-cloud platform, enabling real-time decision making around customer lifetime value to materially improve in force or new business value metrics
Explore specific use cases in this in-depth blog, co-authored by AWS' Ben Meyvin and Montoux's Klaas Stijnen.
Glenn Hoffman, New York Life’s Chief Analytics Officer, said about the Montoux value proposition: “Migrating off legacy systems enables insurers to improve their ability to leverage data and technology to consider different scenarios and improve decision making. Technology advancements like the relationship between AWS and Montoux will help the industry to push forward and modernize.”
Chad Hersh, AWS Global Strategy Lead for Life Insurance, said: “Our insurer customers often articulate the need for new and differentiated products, and the need to rethink pricing and profitability of existing business. Actuaries typically need to be able to run models more frequently and at a lower cost per run in order to develop unique products at a faster pace. A modern, cloud-based actuarial platform like Montoux running on AWS can help those customers greatly improve the number of model runs they can do, while a deep learning migration tool can help them get to that modern platform faster with reduced cost and risk.”
Montoux’s Co-Founder and Chief Product Officer Klaas Stijnen said the following about the relationship: “Life and health insurance executives all over the world have told us clearly and consistently that they are dissatisfied with the speed, resource intensity, and cost of their existing actuarial technology. We’re excited about the opportunity to deploy our platform to move both the industry and actuarial profession forward, and we’re delighted to have worked with AWS on the development of this transformative model migration technology.”
Life and health insurers around the world are on the journey towards cloud-enabled digital transformation, and at the heart of this journey are actuarial models, the core means of calculating and reporting customer value. These models are often stored in on-premises systems, hindering the ability of the insurer to quickly connect the model to high-quality internal and external datasets. This substantially reduces the insurer’s opportunity to use the actuarial model data, to the detriment of the insurer and its customers. Migrating actuarial models to modern, cloud-based technology allows life and health insurers to develop more customer-centric products and services. Furthermore, it provides a substantial opportunity to improve shareholder value through the shifting of cost from legacy on-premises systems to elastic and scalable cloud infrastructure.
For more information contact:
Julian Balasingam
Chief Growth Officer, Montoux
julian.balasingam@montoux.com
