Milliman works with software development companies specializing in the insurance, employee benefits, and healthcare industries. We help insurance technology providers to demonstrate a product’s value proposition in terms buyers understand. Our familiarity with the day-to-day business practices of the target audience translates into the development of feature-complete products with superior competitive advantages.
We have deep insight into critical business rules and considerations, and we clearly explain industry concepts and jargon to insurance technology professionals. We work with our clients’ systems designers and programmers to sort out the complexities of the property/casualty insurance, reinsurance, and self-insurance industries, so that clients can build products that answer the specific needs of each industry.
Our services to insurance technology providers include:
- strategic product identification
- market surveys of target users
- support for product design and development
- benchmarking and demonstration of value
Client example: careful survey saves millions of dollars
On a recent project, an insurance software firm wanted to investigate the market for a reinsurance accounting system. The company wanted to know whether the potential market appeal of the product would justify the development costs.
Milliman conducted a survey of reinsurance executives at more than 20 leading companies. We reported to the company on the level of market interest in the product, characteristics of target customers, competitive positioning, critical product features, and cost/benefit tradeoffs. Our survey provided clear, specific feedback and revealed unanticipated factors. The client made the informed decision to halt all plans for the product. In a high-stakes market with little room for misguided decisions, the move saved the company millions of dollars in vital resources.
