Making the decision to enter a new market, launch a new product, or change benefits can be full of uncertainty. Companies today are concerned they don’t have all the facts or may wonder about the unexpected financial consequences of a decision.

Every day insurers, health plans, and employer groups across the United States call on Milliman consultants to help develop new products and bring them to market. From initial plan design and feasibility studies through completing necessary regulatory filings, our knowledge, experience, and tools give us superior resources to handle the task.

Milliman has extensive databases that enable us to price new or unusual products and estimate the cost impact of mandated benefits and limitations. Our consultants draw from diverse backgrounds throughout the healthcare industry to bring you expertise second to none.

We have decades of pricing and product development experience, supported by healthcare data, research, and proprietary tools. Our clients rely on our conclusions and recommendations.

Client example: entering a new marketplace

A leading group insurance carrier, whose primary business was selling group plans, turned to Milliman to ask how it could develop an individual product to complement its other plan offerings.

Our consultants looked at published surveys and data from states selling individual products and made recommendations for plan changes, including adding an elimination period for certain services and including preventative and wellness programs, which would decrease expected claims. Using a Milliman product, Health Cost Guidelines™, we priced the new products and then prepared a rate filing. We helped the carrier work through the regulatory process and ultimately obtain approval from the insurance department. Our recommendations and support made our client’s benefits attractive and affordable to its new individual customer base.