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.
Applying for a mortgage loan is a process that requires a lot of information to make an informed decision. Even in this digital age the process of obtaining a mortgage remains complex. Can artificial intelligence (AI) technology that makes recommendations based on research from consumer organizations and federal agencies help? Milliman consultant Madeline Johnson looks at the question in her article “Couch surfing for mortgage loans.”
Today actuaries and insurers are able to apply predictive analytics in novel ways because of advanced technologies, larger data sets, and increased computing power. A recent Risk & Insurance article featuring Milliman’s Peggy Brinkman and Phil Borba explores four key areas where advances in predictive analytics are changing the way insurers conduct business: claims, driving safety, property risk, and competitive rating.
Solvency II represents a radical shift in the way that European insurance regulation works, and the authors of a new Milliman paper believe it will fundamentally change the way European insurers view risk and returns. In this paper, Milliman consultants Ed Morgan and Jeremy Kent introduce a new methodology for measuring new business value and new business profitability in this Solvency II world.
The infusion of alternative capital into catastrophe reinsurance has reshaped the market and continues to ripple through the industry as it expands to include new structures and cover new perils. The influx of alternative capital (along with relatively low catastrophe activity) has driven down catastrophe reinsurance prices to historically low levels, which has caused reinsurers to try to diversify into other lines of business. Their move into other lines has led to lower prices overall, prompted underwriters to modify terms and conditions in order to compete, and incentivized reinsurers to pursue mergers and acquisitions (M&A) activity to achieve scale and diversification. Actuary Karl Goring provides some perspective in this Milliman Insight paper.
Technology is changing the way businesses evaluate risks, transforming customer interactions, and overhauling the purchase process. As traditional insurers strive to overcome legacy systems and practices, how are they successfully keeping pace with new InsurTech entrants? In the Milliman Impact article “Setting the pace: InsurTech transformation,” Neil Cantle, Russell Osman, and Pat Renzi offer their perspectives on the challenges that traditional insurers must navigate.