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Insurance contracts are often delivered through old-fashioned processes and contain a great deal of outdated coverage and legalese.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.
In 2016, Milliman consultants wrote articles and worked on studies covering a range of practices and areas. Healthcare was a hot topic again this year, and topics included value-based payments, risk adjustment, and the Medicaid managed care rule. Other articles—about student loan debt and daily fantasy sports—were also popular. Here’s a preview of the top 15 U.S. articles and reports for the year.
Milliman’s most viewed articles worldwide in 2016 covered topics including pensions, student loans, value-based payments—and Pokemon Go. There were also pieces on Solvency II, encounter data standards, and managed care regulations. Here is a preview of the top 15 global articles and reports for the year.
It’s no surprise that more and more people throughout the world are living longer than ever before. But as life expectancy continues to increase, so does the uncertainty surrounding retirement. To address this challenge, Australia implemented one of the most ambitious and forward-looking retirement programs in the world.
In this Milliman Visionary video, Nick Sherry, a former member of the Australian Senate and the country’s first Minister for Superannuation, discusses the steps his country has taken to head off a retirement crisis and the challenges that lie ahead.
Like millions of people around the globe, retirees throughout Britain are facing increasing uncertainty when it comes to saving for their golden years. From unreliable markets to mismanaged pensions, the retirement landscape has never been more volatile.
In this Milliman Visionary interview, former MP and Minister of State Pensions Steve Webb addresses the threat to retirement in the United Kingdom and beyond, as well as some possible solutions.
The new International Financial Reporting Standards (IFRS) standard for insurance contracts promises to have a transformative effect on insurers’ financial reporting.
IFRS calls for a more nuanced and comprehensive approach to risk modelling—an approach that will require not just specialized actuarial expertise, but also efficient implementation and unprecedented processing speed to meet strict reporting timeframes.
Milliman has unparalleled experience with Solvency II and other regulatory regimes, coupled with groundbreaking systems implementation and industrialisation capabilities.