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The insurance industry has long lagged behind in IT adoption, even though insurers’ computing demands are on the rise. This Wired article profiles Milliman’s efforts to reverse the trend with its innovative systems transformation project for the U.K.’s Phoenix Group.

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Adoption of Windows Azure public cloud helped MG-ALFA transform the actuarial workflow of its customers.

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Milliman's MG-ALFA cloud application is using Windows Azure to run high performance computing scenarios on upwards of 10,000 cores concurrently. The application enables insurance industry companies to process complex algorithms in a much more efficient manner than using traditional on-premises hardware and software.

The U.K.'s Phoenix Group has selected Milliman to help it replace its legacy systems with a single actuarial modeling system. The upgrade will include Milliman's MG-ALFA® actuarial projection system and Daily Solvency Monitoring System (DSM). The project, slated for completion in 2013, will help Phoenix keep pace with the requirements of Solvency II and will also streamline the firm's technology into an automated, web-based system that makes use of cloud computing.

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In what is likely to be one of the largest actuarial system implementation projects ever undertaken, U.K.-based Phoenix Group has selected Milliman to provide its actuarial systems transformation project. The project is scheduled to be completed at the end of 2012, in time for Solvency II implementation. According to Nick Dumbreck, leader of Milliman's U.K. Life practice, the combination of Milliman consulting expertise, the MG-ALFA actuarial projection system, and the Daily Solvency Monitoring System will provide Phoenix with a solution for gaining Solvency II internal model approval, monitoring and managing risks on a daily basis, and driving internal operational efficiency savings.