To benchmark the performance of a long-term care insurance (LTC) product, you need access to expert strategists and extensive claims cost data. With more actuaries specializing in LTC than any other consulting firm, Milliman offers an unmatched depth and breadth of knowledge, as well as the most comprehensive claims cost data. We also provide state-of-the-art software systems that can be tailored to your specific needs and assist with all aspects of group or individual LTC products.

As a Milliman client, you can rely on:

• Product development services that help you bring new products to market.
• In-force, risk management systems that help you monitor the performance of your LTC portfolio.
• Mergers and acquisitions services that help you identify and quantify financial and non-financial risks.
• Operational analysis that helps you put processes and standards in place for an existing or planned LTC program.
• Provider support for developing appropriate rate structures and ensuring adequate reserves.
• A full range of financial actuarial consulting services, including estimates of reserves, solvency and adequacy review, and assistance with improving liability estimation techniques.
• Consulting services that assist employers who want to offer LTC to their employees.

Comprehensive claims data

Milliman’s Long-Term Care Guidelines provide a flexible but consistent basis for the determination of claims costs for a wide variety of LTC benefit packages. These rating structures can be used to anticipate future claim levels, evaluate past performance, and establish inter-relationships between different LTC coverages. The Guidelines are based on LTC insurance claims of more than $25 billion.

Tools and software systems

Milliman actuaries use several systems for modeling LTC financial characteristics, including the industry-leading MG-ALFA, which dramatically accelerates the process of pricing insurance products, as well as MG-Triton, which is used by major insurance companies worldwide to perform the complex task of calculating reserves.

With our significant industry experience, we understand the complexities and nuances of LTC pricing. Often, we will adapt or custom-design a tool for a specific client need.