Insurtech is becoming more and more important with the potential to disrupt the current insurance model on a large scale.
Milliman is well positioned to help a wide variety of clients as they dive into the world of insurtech. Our clients span the traditional insurance industry including insurance companies, self-insurers, reinsurance companies, captives and state funds, technology-focused insurtech companies, managing general agents, private equity firms, hedge funds and financial services firms, and legislative and regulatory bodies.
We understand the data in the insurance ecosystem and have developed and worked with technologies that solve real business problems. We also have subject matter experts to help our clients transform their businesses with technology, using an entrepreneurial approach to help our clients achieve a return on their investment and ensure their businesses do not become obsolete.
We are at the forefront of insurtech and have experience in enabling technology, transformative technology, and disruptive technology. We use big data, predictive models, artificial intelligence, and powerful analytics to deliver the information our clients require.
Among the services we offer are:
- Insurance strategy support. We provide knowledge on current products, coverages, and markets for all lines of business in the property and casualty area and focus on product design to meet the needs of insurers.
- Product development and regulatory filing. We prepare rate filing support, including supporting data acquisition and competitor review. We also assist with the insurance department approval process.
- Sales, underwriting, processing, and claims design support. We organize a claims process with regard to controls, audits, outsourcing, and the use of analytics and identify areas in the underwriting process that can be made more efficient through automation. We also design data capture and organization structure and identify key performance indicators.
- Additional ongoing support. We assist with profitability studies, predictive analytics/rate analyses, and reserving studies.
- Private equity and venture capital investment support. We provide investment opportunity referrals, due diligence support, and portfolio company product strategy and execution.