ITC DIA Europe

Milliman: empowering insurers with guidance and advanced technology solutions

Written by Roger Peverelli and Reggy de Feniks - Founders The DIA Community on Nov 30, 2023

With recent advances in technology and new players entering the industry, change is coming for insurance. Focus on innovation and knowing where and how to apply new technology solutions is crucial for insurers to remain competitive, stay ahead and drive growth.

Milliman helps its clients drive innovation in insurance. As one of the world’s largest independent consulting, actuarial, and risk technology firms, Milliman offers insurtech solutions across the insurance ecosystem, to a range of organizations. These include insurers, reinsurers, insurtechs, captives, and many others.  Milliman updates tried-and-true systems of the insurance industry with digital tools – transforming insurance with technology.  

What Milliman does

Milliman develops and harnesses new technologies that solve real business problems. They employ big data, predictive models, Artificial Intelligence, and powerful analytics to deliver the information companies need to reduce risk, increase efficiency, and improve customer experience.

Milliman is known for its commitment to using data and analytics to help organizations make informed decisions. The company leverages advanced technology and tools to analyze vast datasets, enabling clients to gain deeper insights into risk assessment, financial planning, and cost optimization. This data-driven approach is especially valuable in industries where precise risk assessment and financial modeling are critical, such as insurance, healthcare, and pension management.

Milliman offers insurers intelligent technology to manage emerging risks, build sustainable success, and out-innovate the competition. They partner with early-stage startups and tech companies of all types to help accelerate insurtech innovation, creating the disruptive solutions the insurance industry needs. With insurtech, insurance is reaching new markets with new products for a new era. New data-driven tech solutions empower insurers to win and keep customers, maintain profitability, and discover new opportunities others miss.

Milliman offers a range of insurtech services, including:

  • Insurance strategy support. Milliman provides insight into insurers’ current products, coverages, and markets across the non-life area and focuses on product design to meet insurers’ needs.
  • Sales, underwriting, processing, and claims design support. Milliman helps insurers to optimize their claims process including concerning controls, audits, outsourcing, and the use of analytics, and identifies areas in the underwriting process that can be made more efficient through automation. They also design data capture and organization structure and identify key performance indicators.
  • Product development and regulatory support. Milliman helps insurers with supporting data acquisition and competitor review. It also assists with the insurance department’s approval process.

Milliman teams with organizations of all sizes and levels of maturity to develop great ideas, go to market effectively and deliver new functionality through existing products and services. They support innovative early-stage technology solutions (startups) by combining a ready-made market of business clients and leading insurers with a network of expert consultants looking for innovation to solve their challenges.

Why did we select Milliman for ITC DIA Europe

Milliman’s expert guidance and advanced technology solutions empower leading insurers, healthcare organisations, and employers to protect the health and financial well-being of people. As the risks to businesses and communities around the world grow increasingly complex and unpredictable, insurers’ work becomes even more vital.

Milliman is well-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 in 1947 and is based in Seattle, Washington. They employ over 3.000 employees in offices situated in major cities around the globe. Milliman specialises in healthcare consulting, life insurance and investment consulting, P&C insurance consulting, and employee benefits consulting.

Milliman helps clients address some of the world’s most profound social and business challenges, including a looming retirement crisis, an evolving healthcare landscape, and the effects of climate change and a global pandemic.

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