Milliman releases new versions of systems for P&C insurers

Milliman | July 27, 2020

Global consulting and actuarial firm Milliman has released version 2020b of its Arius reserve analysis systems for property and casualty insurers. The update provides significant enhancements to the products’ analytical capabilities and additions to their reporting and data-management tools.
The release adds new generalized linear modeling (GLM) capabilities that allow actuaries to better model and understand claim costs. GLM tools are especially useful when analyzing periods of inflationary pressure on the claims process or significant changes in claims handling within a company or throughout the industry, Milliman said.

Spotlight

Digital technology destroys value. That might sound counterintuitive given the extent to which it can make business systems more efficient and companies are urged to embrace its many possibilities. Yet new McKinsey research shows that although digital technology propels some companies to become clear market winners, for many more its impact depletes corporate earnings and the overall value of an industry. Consumers, not companies, are often the ultimate winners. So it is likely to be in insurance. For a long time, the traditional insurance business model has proved to be remarkably resilient. But it too is beginning to feel the digital effect. It is changing how products and services are delivered, and increasingly it will change the nature of those products and services and even the business model itself. We firmly believe that opportunities abound for incumbent insurance companies in this new world. But they will not be evenly shared. Those companies that move swiftly and decisively are likely to be those that flourish. Those that do not will find it increasingly challenging to generate attractive returns.

Spotlight

Digital technology destroys value. That might sound counterintuitive given the extent to which it can make business systems more efficient and companies are urged to embrace its many possibilities. Yet new McKinsey research shows that although digital technology propels some companies to become clear market winners, for many more its impact depletes corporate earnings and the overall value of an industry. Consumers, not companies, are often the ultimate winners. So it is likely to be in insurance. For a long time, the traditional insurance business model has proved to be remarkably resilient. But it too is beginning to feel the digital effect. It is changing how products and services are delivered, and increasingly it will change the nature of those products and services and even the business model itself. We firmly believe that opportunities abound for incumbent insurance companies in this new world. But they will not be evenly shared. Those companies that move swiftly and decisively are likely to be those that flourish. Those that do not will find it increasingly challenging to generate attractive returns.

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INSURANCE TECHNOLOGY

Pie Insurance Receives Regulatory Approval to Acquire Western Select Insurance Company

Pie Insurance | August 28, 2021

Pie Insurance, an insurtech company specializing in workers' comp insurance for small businesses, today announced that Pie Carrier Holdings has received regulatory approval from the Illinois Department of Insurance to acquire Western Select Insurance Company, a property casualty insurance company that is licensed in Illinois, California, and New York, from a subsidiary of Premia Holdings Ltd. The proposed acquisition represents an important step by Pie Carrier Holdings, a subsidiary of Pie, formed in May 2020, to execute on Pie's strategy of becoming a full-stack insurance carrier. Upon the closing of the proposed acquisition, Western Select Insurance Company will be renamed Pie Casualty Insurance Company. "Since Pie was founded in 2017, our goal has been to offer the entire small business insurance experience to our customers as a full stack insurance carrier," said John Swigart, co-founder and CEO of Pie. "Receiving regulatory approval to acquire Western Select Insurance Company is a key milestone on the path for Pie to write our own policies, and to bring our seamless commercial insurance experience to even more small businesses across the country." About Pie Insurance Pie Insurance is leveraging technology to transform how small businesses buy and experience commercial insurance, with the goal of making it affordable and as easy as pie. Pie's intense focus on granular, sophisticated pricing and data-driven customer segmentation enables Pie to match price with risk accurately across a broad spectrum of small business types, which allows Pie to offer more affordable insurance to small business owners. Since 2017, Pie has received over $300M in funding and commitments for future funding, grown its gross written premium to over $100M, and partnered with over 1,000 agencies nationwide.

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INSURANCE TECHNOLOGY

NYCM Insurance Adopts Blood Pressure Clinic in Partnership with American Heart Association

NYCM | March 09, 2022

In its 30th year of partnership with the American Heart Association, NYCM Insurance is proud to announce a three-year, $105,000 partnership to support blood pressure clinics in the Utica, NY area. In the first year of the partnership, NYCM has adopted a blood pressure clinic at Mosaic Health in Utica, NY to promote healthy blood pressures in the Mohawk Valley. The aim of the clinic is to provide education, guidance, and resources, including self-monitoring devices, to the patients that need it the most. The American Heart Association is in direct alignment with who NYCM is as an organization, We support them in efforts such as this, as well as America's Greatest Heart Run & Walk because we care about the future of our communities and want to provide hope for our friends, families, and co-workers. We also know that without the work of the AHA, the many advancements in treatment and prevention would not be possible. I am personally grateful every day for their relentless force against heart disease and stroke and the support and resources they offer in our communities." Jeremy Robinson, Senior Vice President of Customer Relations Management at NYCM Insurance. Over 100 million Americans and nearly half of all adults are living with high blood pressure, putting them at a higher risk of heart disease and stroke. In the Mohawk Valley, high blood pressure affects a significant percentage of the adult population. Many of these individuals visit clinics regularly for check-ups and blood pressure monitoring, but have had less access under the conditions of the COVID-19 pandemic. We know that high blood pressure is a huge issue in the Mohawk Valley, with about one-third of Mohawk Valley residents having high blood pressure, In some parts of the City of Utica, the blood pressure rates are as high as 45 percent. High blood pressure is known as the silent killer because too many people don't know they have it, and it's a major risk factor for heart disease and stroke. This donation from NYCM Insurance will make it possible for the American Heart Association to place blood pressure measurement programs in clinics with patients at great risk of high blood pressure. We're grateful for this investment in our mission, that will improve health in our area." Christine Kisiel, Executive Director of the American Heart Association in the Mohawk Valley. About NYCM NYCM Insurance is a property and casualty insurance carrier that has been providing coverage to residents and businesses in New York since 1899. With a team of over 850 employees, and a network of over 1,200 independent agents, NYCM Insurance is dedicated to providing superior service and a quality customer experience to their over 525,000 customers. Insurance lines include Home, Auto, Umbrella and Business. NYCM Insurance is rated A by A.M. Best Company.

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CORE INSURANCE

EY Announced a Partnership with Fadata to Assist Insurance Firms Enhance their Business Performance

EY | July 14, 2021

EY today announced a partnership between Fadata, a leading software provider specializing in core insurance operational platforms, and Ernst & Young LLP (EY UK) to assist insurance companies in driving improved business performance through technology transformation that provides an end-to-end digital experience. The partnership combines EY UK's insurance sector experience and expertise in enabling large-scale business and technology changes with Fadata's core insurance operational technology. EY UK and Fadata teams will use INSIS, Fadata's insurance process platform, to assist insurers in developing flexible and innovative products, bringing them to market faster, and distributing and servicing them via new digital channels. In addition, teams from EY UK and Fadata's INSIS will assist insurance companies in various business areas, including company management, insurance product lifecycle, and customer journey. Insurance companies are under increasing pressure to prioritize technological advancements to promote company growth, enhance operational efficiency, and satisfy industry standards and regulatory requirements. According to NextWave Insurance: personal lines and small commercial, 37% of European customers would switch insurance if they did not provide cutting-edge technology. Insurance businesses can leverage a single platform for the different kinds of insurance services they provide to customers, such as life, pensions, non-life, and health, by working with EY UK and Fadata teams. In addition, the alliance assists insurers in providing scalable and agile platforms, which support broader business benefits for insurers such as cost efficiencies, automating processes to increase productivity, implementing standardized approaches to compliance, and modernizing outdated legacy systems and technology infrastructure.

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