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Milliman is familiar with legal and regulatory requirements in the individual states as well as with industry-specific issues that can affect workers' comp coverage. We can help clients develop customized workers’ comp solutions that save both time and money.
Our services combine technical assessments of claims handling with broader management concerns. We generate recommendations that address the entire scope of our clients' policies and practices.
In addition to specialized actuarial services for workers compensation, Milliman offers professional consultation in other areas (e.g., claims) to help clients streamline other critical facets of their operation.
Self-insured workers comp providers will benefit from Milliman's reserve analysis, funding analysis, and our cost-benefit analysis to determine the level at which stop-loss protection should start.
Predictive modeling has become increasingly important as a key decision-support tool in the management of workers compensation claim costs.
Milliman LCase® supplements existing claims management software by providing specific data fields for key claim information for the small percentage of liability claims that stay open for extended periods and make up the bulk of the ultimate dollars to be paid.
Milliman Nodal™ is a web-based predictive modeling and decision-support system used for early claim intervention. It uses machine learning to analyze a wide range of claims data and predict claims that are likely to incur high costs.
Several states enacted measures to increase the likelihood that workers compensation coverage would be available as a remedy to essential workers. This has created significant exposure for work comp insurers, and great uncertainty for estimating reserves at year-end 2020, and for pricing policies covering 2021 exposures.
Acquiring a new business presents challenges for chief risk officers (CROs) and other risk professionals, especially when combining self-insured or large deductible insurance programs.
Workers’ Comp for 2021: Policyholders’ surplus soars, direct written premium slightly rebounds, and ratios for defense-and-cost-containment expenses rise.
Inflation can affect worker’s compensation due to its long-tailed nature, and we can estimate the impact using some simplifying assumptions.
We discuss examples of wearable technology, the impact on workers’ compensation loss experience, how insurance carriers are reacting, and how your actuary can help determine whether wearables are appropriate for your…
In 2009, Milliman created a nationwide workers' compensation database consisting of $61.8 billion of incurred losses across all 50 states. We continue to update this database on an ongoing basis.
Claim analytics using artificial intelligence represents a proven method to reduce claim severity and improve the efficiency of claim-handling resources.
Nodal™, our web-based predictive modeling and decision-support system, accurately identified 95% of high-cost claims for the Intergovernmental Risk Management Agency before they happened, reducing costs by over 15%.
Today, the advances with machine learning software and text-mining algorithms are necessary tools for the early identification of claims most likely to become excess loss claims.
What are the risks associated with uninsured subcontractors and what can be done to prevent them from threatening a company’s bottom line?
Workers’ compensation remains one of the most complex exposures for employers. This study provides fundamental healthcare industry benchmarks from which informed decisions related to managing workers’ compensation…
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