INSURANCE SOLUTIONS

Milliman Product Development as a Service (PDaaS)

The P&C insurance industry struggles with slow and complex product development processes. Milliman PDaaS provides ready-to-use insurance product templates and automation tools paired with expert strategic consulting to reduce development time, enhance regulatory compliance, and drive insurtech product development. PDaaS also supports modern, technology-driven solutions by integrating advanced actuarial modeling to create bespoke and competitive products.

Milliman Product Development as a Service (PDaaS)

THE CHALLENGE

Slow insurance product development

Insurance companies face significant delays when developing new products due to legacy systems and manual processes. These inefficiencies hinder insurance product development and lead to outdated offerings, resulting in lost market opportunities and increased operational costs.

THE SOLUTION

Streamlined development with Milliman PDaaS

PDaaS accelerates P&C product innovation and development with an efficient process that includes insurance product forms development, rate development, and advanced actuarial modeling. It facilitates reviews with (re)insurers and other stakeholders and streamlines the state filing process for easy adoption. PDaaS can also be used for creating scoring models, underwriting, and creating other customized insurance solutions so that they can be easily adopted and embedded into sales and service processes.

BENEFITS

Benefits of Milliman PDaaS

Accelerated Time to Market

Cuts the product development timeline from months to weeks by using templates and experienced consultants, allowing faster entry into competitive markets.

Improved Product Innovation

Enables the creation of cutting-edge, tech-enabled insurance products that meet modern consumer expectations, including usage-based and telematics-rated products.

Regulatory Confidence

Documentation and processes are designed with regulatory approval in mind, increasing the likelihood of swift approvals and reducing back-and-forth with departments of insurance.

Scalable Across Lines and Markets

Flexible enough to apply to virtually any P&C line of business, and scalable to multiple states, making it ideal for MGAs, InsurTechs, and carriers aiming for rapid national expansion.

Access to Industry-Leading Experts

PDaaS users gain access to Milliman’s deep bench of specialized talent — from actuaries and data scientists to compliance consultants and former regulators. As a recognized industry leader, Milliman offers subject matter experts across every P&C line and function, ensuring that clients receive best-in-class guidance for every aspect of product development.

FEATURES

Features of Milliman PDaaS

Template-Based Product Development

PDaaS offers pre-built, customizable templates that streamline the creation of insurance products, including rating algorithms, underwriting guidelines, and policy forms. These templates support consistency and speed across projects.

Modular Development Phases

The service is structured into phases (e.g., strategic consulting, rate development, forms creation, model validation), allowing clients to engage at the stage that matches their current need and scale over time.

Regulatory-Ready Documentation

Includes actuarial memoranda, partner packets, forms memos, and model validation support designed specifically to meet insurer, reinsurer, and regulatory expectations across all 51 jurisdictions.

Embedded Insurance Enablement

Supports the development of insurance products that are integrated into the sale of another product or service, ideal for OEMs and platform partners.

Dedicated Actuarial and Compliance Support

A cross-disciplinary team of actuaries, compliance consultants, underwriters, and data scientists support users throughout the product development lifecycle.

Client case study

See how PDaaS is helping businesses nationally

Client case study

How Milliman improved regional carrier’s combined ratio by 30 points through rating plan modernization

Milliman used advanced multi-variate modeling to develop a sophisticated by-peril homeowners insurance rating algorithm.

Read the case study

Milliman Product Development as a Service (PDaaS)