The Data Science Game is back

Registration for the 2017 Data Science Game is officially open. The Data Science Game is a two-phase competition showcasing teams of data science students from universities around the world. An online qualifier will take place on April 15 with the final stage happening in September.

Students from the Moscow Institute of Physics and Technology (MIPT) won last year’s competition. Will your university win this year? To register your team, visit www.datasciencegame.com. The deadline to register is April 9.

Milliman is a sponsor of the 2017 Data Science Game.

Reliability issues in the construction of national mortality tables for the general population: What you should know

National mortality tables are crucial inputs to the quantification of mortality and longevity risks. In the absence of data specific to insured or pension populations, national mortality tables are based on general population data. Recent work by Milliman demonstrates problems with the reliability of these reference tables, including false cohort effects, and offers methodological improvements for their construction. In this paper, Milliman consultants Laurent Devineau, Alexandre Boumezoued, and Dale Hagstrom present both historical perspectives and new solutions to this problem.

Saying “I do” to wedding insurance

The average wedding in the United States costs $35,329. And organizing a wedding involves a lot of variables that introduce the risk of financial loss. In the article “Getting hitched without the hitch,” Milliman consultant Elizabeth Bart discusses wedding insurance coverage that can mitigate a couple’s financial risk.

Here’s an excerpt:

For such an important life event, at such a high price point, it’s worth protecting your investment. Many insurance companies have wedding liability products to help. Wedding insurance can combine a number of different coverages and can range from only $95 to $500 depending on the types and level of coverage provided. Wedding insurance is easy to purchase online (or over the phone). For example, Travelers offers a Wedding Protector Plan and has a quiz to help gauge the riskiness of your wedding (https://www.travelers.com/personal-insurance/wedding-insurance/why-wedding-insurance.aspx). Other insurers, such as WedSafe and Wedsure, also make it easy to find a quote and buy wedding insurance online.

The most commonly selected wedding coverage is liability coverage. This is typically purchased in situations where the selected venue requires the couple to cover property damage and bodily injury. In addition, certain venues may require the purchase of liquor liability coverage to protect against any alcohol-related incidents.

In the event of a necessary cancellation or postponement, financial losses can be mitigated by cancellation/postponement coverages. Massive amounts of rain and snow can cancel flights, close roads, and even damage or close venues. A severe illness or injury could befall the couple or a parent, grandparent, child, or officiant. Sudden military deployments can also cause wedding cancellations. All of these are “necessary” cancellations/postponements, and insurance exists to protect against any financial losses they may cause.

BETA Healthcare Group teams with Milliman Datalytics-Defense to develop data-driven defense strategies

Milliman today announced that BETA Healthcare Group has chosen Milliman Datalytics-Defense® as its platform for processing its defense cost invoices. Datalytics employs powerful data mining algorithms to help insurers detect patterns in attorney billing practices, delivering better understanding of both costs and defense strategies.

“It’s BETA’s goal to find innovative strategies to mitigate risk and reduce costs when it comes to managing our business,” says Tom Wander, CEO of BETA Healthcare Group. “Partnering with Milliman Datalytics-Defense helps us make more well-informed, data-driven decisions in our defense strategies, something we believe is essential to remain a leader in the industry.”

Milliman Datalytics-Defense provides real-time, actionable intelligence through responsive reporting dashboards that are built upon a robust data warehouse. The web-based tool is available on a subscription basis and can perform peer comparisons, allowing insurers to credibly benchmark their defense costs. The tool’s predictive analytic engine helps insurers develop best practices of claims defense.

“BETA has a reputation as a forward-thinking organization that knows success in the industry today must include cutting-edge tools such as Datalytics to manage claims effectively and efficiently,” says Chad C. Karls, Milliman principal and consulting actuary. “We look forward to working with BETA to identify claims handling strategies that will benefit not only BETA, but ultimately their members/insureds.”

To learn more about Milliman Datalytics-Defense, click here.

Milliman chairman to moderate panel discussion on investment strategies

Milliman Chairman Ken Mungan is moderating the discussion “Chief Investment Officer Panel – Searching for Yield” at the ReFocus Conference 2017 on Monday, March 6. Panel participants will address the challenges of investing in a low interest rate environment and offer their perspective on strategies that can be employed.

ReFocus 2017 is a global conference for senior-level life insurance and reinsurance executives. It is sponsored by the American Council of Life Insurers and the Society of Actuaries. Milliman is also a sponsor of this year’s conference. ReFocus 2017 is scheduled from March 5-8 at The Cosmopolitan of Las Vegas. To view the entire conference agenda, click here.

EIOPA discussion paper on the review of Solvency II Delegated Regulation

The European Insurance and Occupational Pensions Authority (EIOPA) has launched a review of specific items in the Solvency II Delegated Regulation with a particular focus on the standard formula Solvency Capital Requirement (SCR). In this briefing note, Milliman consultants Aisling Barrett, Gillian Tucker, and John Mulvihill summarise the discussion paper EIOPA has published in order to engage with stakeholders on the topic.