Category Archives: It Takes Vision

Flood warning: Working to provide better coverage

Flood is one of the most devastating catastrophic perils, in which a single event can create tens of billions of dollars of loss. It is also one of the least insured perils, affecting people in every part of the United States. Advanced risk models now provide granularity, assessing flood risk at local levels. Such technological development presents insurers the opportunity to offer affordable, risk-based coverage within a private insurance market. Milliman colleagues Nancy Watkins, Matt Chamberlain, Andrei Stoica, and Garrett Bradford offer perspective in this video.

To learn more about Milliman’s flood expertise, click here.

Top 15 global articles and reports for 2017

Milliman’s most viewed articles worldwide in 2017 covered topics related to healthcare in the United States, the rise of InsurTech, and the challenges of IFRS 17. (For summaries and links to all of the articles, click here.)

Here is the list of the top global articles and reports for the year:

15. MACRA: Key Considerations for health plans, By Colleen Norris and Mary van der Heijde

14. Multiemployer Pension Funding Study, By Kevin Campe

13. The American Health Care Act, By Jason Karcher

12. MACRA and Medicare Advantage plans: Synergies and potential opportunities, By Christopher Kunkel, Drew Osborne, Lynn Dong, Michael Polakowski, Noah Champagne, and Charlie Mills

11. Effective employee communication: The benefits of best practices, By Jessica Gonchar, Heidi tenBroek, and Sharon Stocker

10. Building blocks: Block grants, per capita caps, and Medicaid reform, By Justin Birrell, Jennifer Gerstorff, Nicholas Johnson, and Brad Armstrong

9. Overview and practical considerations of the new insurance contract standard: IFRS 17, By Gillian Tucker and Andrew Kay

8. InsurTech: Innovation in the P&C insurance space, By Thomas Ryan

7. The employer stop-loss insurance marketplace since the Affordable Care Act, By Mehb Khoja

6. 2017 Public Pension Funding Study, By Rebecca Sielman

5. Summary of individual market enrollment and Affordable Care Act subsidies, By Paul Houchens, Jason Clarkson, and Zachary Fohl

4. Impact of the transition from RAPS to EDS on Medicare Advantage risk scores, By Deana Bell, David Koenig, and Charlie Mills

3. Corporate Pension Funding Study, By Zorast Wadia, Alan Perry, and Charles Clark

2. Pension Funding Index, By Zorast Wadia and Charles Clark

1. Milliman Medical Index, By Christopher Girod, Susan Hart, and Scott Weltz

Aspire health plan: How Monterey is reinventing healthcare

When confronted with rising costs and shrinking reimbursement, leaders at a respected regional hospital in California took a bold step to ensure that they could continue serving the needs of the community in a financially sustainable way.

Guided by Milliman’s health experts, the Community Hospital of Monterey Peninsula (CHOMP) launched a new insurance company, Aspire Health Plan, to expand regional access to coordinated, high-quality healthcare. What’s more, they invited a competing hospital to join them, forging a unique alliance that puts the health of the community first.

To learn more, watch the following video.

Working with Insurtech to modernize home insurance

Part of working with “Insurtech” companies is understanding and accepting that actuaries are moving beyond their traditional roles. Insurtech companies aren’t asking us to come in and perform traditional actuarial work. There are no set formulas in the Insurtech space. Instead, actuaries must take a forward-thinking approach. We must learn how to use traditional tools in a new, creative way to produce better business solutions.

Milliman recently worked with Hippo Insurance, a revolutionary California-based startup providing home insurance for modern households. We helped Hippo understand how traditional insurance works, which has enabled them to fundamentally challenge the status quo using new systems, technology, and business practices.

Insurance contracts are often delivered through old-fashioned processes and contain a great deal of outdated coverage and legalese. What Insurtech companies like Hippo are doing is completely modernizing the sales process, and the underlying coverage being purchased. They’re also helping policyholders understand how to better protect their property by installing cutting edge smart home devices that monitor and detect damage before it occurs.

Milliman enjoys working with these innovators, and is capable of helping traditional insurance companies bridge the gap, too. They can rely on us to be familiar with new technology-based approaches to produce modern products for customers.

The following video features Hippo’s leadership team and its modern approach to homeowners insurance.