The challenge

A business unit wanted to develop a new cyber risk web application and put it to the market as quickly as possible. With no outdated model or old code to overhaul, the company was in a strong position to build from scratch using the most powerful technology.

The cyber risk enterprise envisioned a stochastic model that can perform automated sentiment analysis while crawling the web—analyzing Twitter, Facebook, and LinkedIn discussions.

The initial phase of this ambitious project sought to:

• Create an integrated dashboard with analytics and graphs, without requiring users to install anything
• Enable coding models directly in C# to account for scale and to avoid other modeling solutions
• Get the solution to market faster and reduce the cost of development

If you’re like other product developers in this situation, you might have thoughts like:

“Our stochastic model requires a robust system that can handle scale.”

“What if we could design a solution that held the calculations and the dashboard in the same model?”

“In order for our product to succeed, we need powerful tools to develop this product quickly and securely.”

The approach

Milliman Mind, which runs on Microsoft Azure, provides the cloud power and security to build new model solutions with the following capabilities:

Native stochastic/scenarios feature

Run models that can randomize unpredictable scenarios and assess risk effectively.

Integrated dashboard with data analytics graphs

When built in Milliman Mind, calculations and the dashboard are one tool. With no Power BI licensing needed, you can design the dashboard features you need most directly through your browser.

Integration of complex sentiment analysis algorithms using the built-in C# coding feature

In Milliman Mind, you can build parts of your model in C#, enabling integration of any third party library and saving time and money on the development of your project.

The solution

By building the project in Milliman Mind, this client completed development six times faster than if they had coded it first in a different program. The cyber risk application crawls the web to extract sentiment analysis, which then processes through the Milliman Mind formula and becomes viewable data via the dashboard.

The cyber risk application was a fully professional-looking solution, ready for the marketplace in just a few months. As a result, the company saved approximately €3M while providing an innovative solution to companies that face increasing threats of cyber risk.

Learn more about what Milliman Mind can do for you, here.