Technology is transforming insurance at an unprecedented rate, which makes it difficult for insurers to keep up. As technology continues to impact insurance, Milliman is helping the industry adapt at the speed of change. As one of the world’s largest independent consulting, actuarial, and risk technology firms, Milliman has the expertise and resources to guide organisations across the insurance ecosystem, around the globe.

How it works

Milliman advises companies as they transform their operations with technology. Milliman helps its clients achieve a return on their investment and evolve so they do not become obsolete.Using data science, predictive models, artificial intelligence, and powerful analytics, Milliman delivers the information companies need to reduce risk, increase efficiency, and improve the customer experience.

Milliman has a range of offerings:

• Insurance strategy. Milliman provides insight into current products, coverages, and markets across the general insurance area, offering customer-centric designs that meet insurers’ needs.

• Sales, underwriting, and claims design. Milliman organises a claims process with regards to controls, audits, outsourcing, and the use of analytics, and it determines how automation can enhance efficiency within claims, underwriting, and financial areas. The firm also designs data capture and organisation structure and identifies key performance indicators.

• Product development and regulatory support. Milliman prepares supporting data acquisition and competitor review. It also assists with regulatory approval processes.

• Additional ongoing support. These include profitability studies, rate analyses, and actuarial reserving studies. Milliman also helps clients build and train in-house teams in these areas.

Why we selected Milliman for ITC DIA Europe?

Milliman understands that fast-growing businesses require different types of expertise along their journey. It responds with resources to support risk, analysis, and data science. A robust risk management framework is especially useful to help leaders of high-growth companies monitor and reduce business risks and stay ahead of potential challenges. Milliman workshops risks with its clients and builds risk-based frameworks that align with a company’s strategic objectives, foster effective communication and decision-making, and adapt as the business continues to evolve into the future.

In particular, Milliman is uniquely positioned to support private equity insurtech investments from referral to exit. The firm identifies investment opportunities, works with portfolio companies to develop their product strategy and execution, and helps them scale. Finally, it provides due diligence at the exit stage.

Who is Milliman?

Milliman was founded over 75 years ago and has offices in major cities worldwide, covering markets in Europe, North America, Latin America, Asia and the Pacific, the Middle East, and Africa. In addition to general insurance, it has consulting practices in healthcare, life insurance and financial services, and employee benefits.

Milliman works with:

• More than 80% of the world’s largest insurers

• Established and emerging insurtechs

• Captives and run-off specialists

• Private equity firms, hedge funds, and other investment companies

• Legislative & regulatory bodies, and other public-sector entities

• Non-governmental organisations.