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Unparalleled insight

Long-term care Advanced Risk Analytics (LARA)

Manage the risks of your in-force and on-claim populations with the right intelligence

The challenge

Growing LTC costs create strain for payers trying to manage these risks

LTCI carriers invest substantial resources in pursuit of necessary rate increases and reduced claims fraud, waste, and abuse. These efforts alone may not suffice in the long run.

As time passes since many LTC policies were issued, LTCI carriers generally know very little about their in-force population. Additional knowledge gaps may occur within on-claim populations that are likely to transition from home health care to more intensive sites. These gaps make it difficult to proactively manage the health and claim activity of the most at-risk policyholders.

LARA SOLUTIONS

Analyze unique data for intelligent insight

Milliman LARA® leverages the industry-renowned expertise of Milliman consultants to uncover powerful insights about your LTCI population. It uses predictive analytics, LTCI claimant data, and proprietary datasets to identify your high-risk policyholders before they reach severe stages of LTC needs.

Early intervention empowers you to drive better health outcomes, improving a policyholder’s quality of life by helping them age in place. Using a focused solution for these interventions drives return on investment.

Pair relevant data with industry-leading models

Milliman LTCI consultants develop predictive models using actual historical LTCI claims, appended with powerful third-party and other proprietary data. This approach provides a new layer of intelligence and insight for insurers to understand the current health, risks, and needs of both their in-force and on-claim policyholders.

Rely on a century of accumulated LTCI expertise

Milliman LTCI consultants from around the US have spent a combined 100+ years leading the LTCI industry in creating solutions and managing risks. We are proud to be on the forefront of the next evolution in managing LTCI risks, collaborating with our clients to protect the health and well-being of policyholders.

Value of LARA

Illuminate your long-term care risk

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BROCHURE

How can Milliman Long-term care Advanced Risk Analytics help?

The Milliman Long-term care Advanced Risk Analytics® (Milliman LARA®) preclaim risk model was developed using predictive analytics and can be used to assist LTC carriers in stratifying their population to proactively manage the health and claim activity of their members.

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Use Case

Using Milliman LARA to enable Long-term care aging–in-place

How can carriers and wellness vendors get the insights they need to tailor outreach approaches for different groups?

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Use case

Superior predictive performance of Milliman LARA models

Milliman LARA is a proprietary suite of predictive modeling solutions that help long-term care (LTC) carriers understand and manage individual LTC risk with risk scores and drivers, bringing insights through industry-leading data and models.

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Use case

The case for long-term care aging-in-place initiatives

Aging-in-place interventions can be an effective method to improve health outcomes, reduce severity of future claims, and reduce overall long-term care claim costs.

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Case study

Long-term care wellness initiatives: A simulated pilot program

Pre-claim interventions can be an effective method to improve health outcomes, reduce severity of future claims, and reduce overall long-term care claim costs.

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Brochure

Milliman LTC Advanced Risk Analytics (Milliman LARA)

Understand and manage individual long-term care (LTC) risk with risk scores and drivers bringing insights through industry-leading data and models.

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Features

Milliman LARA features

Predictive models

Use predictive models trained on actual LTCI claimant data to estimate the likelihood of future claims, and the relative risk of those policies on-claim and yet-to-claim.

Robust supporting datasets

Reference prescription drug and medical history along with social determinants of health data to get the most complete picture of the current condition of each policyholder.

LTCI expertise

Leverage decades of Milliman partnership with LTCI insurers. We are excited to offer this new solution to fortify the market.

Simplified compliance

Trust Milliman’s work with insurers and legal teams to provide data insights in compliance with state and federal laws and regulations, including HIPAA.

BENEFITS

Milliman LARA benefits

Improve outcomes

Focus interventions toward your most at-risk members to help enhance quality of life, delay or prevent the need for facility care, and build better relationships with regulators and the public.

Gain comprehensive insight

Analyze risks for entire blocks of in-force and/or on-claim policies with advanced risk scores, allowing you to make informed, strategic decisions. Profile and stratify your on-claim and yet-to-claim populations to effectively manage risks.

Use the best data in the industry

Utilize the Milliman Long-Term Care Guidelines and our LARA industry dataset. Both sources represent industry-wide data from the top insurers, enriched with advanced subject-matter expertise.

Join a powerful partnership

Become part of our network. Milliman is working closely with insurers and care providers to expand the Milliman LARA dataset and bring together organizations that benefit from one another’s expertise.

INSIGHT

Milliman LTCI expertise

White paper

Milliman’s annual U.S. industry LTCI claims projection

We expect long-term care insurance claims to peak in excess of $40 billion annually in the 2040s, excluding any new sales, according to our latest projections.

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Report

Long-term care wellness initiatives: Key components of building and evaluating a sustainable program

To best evaluate whether long-term care wellness programs produce claim savings, carriers need to perform a robust analysis of results, among other steps.

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Industry Survey

Long-term care aging-in-place initiatives

As wellness and aging-in-place programs in the LTC industry gain traction, we recently surveyed 20 market leaders on trends they see.

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Case study

Case study: Improving financial projections for long-term care insurance with predictive analytics

Making financial projections is at the heart of what actuaries do. The techniques for doing so have continued to evolve over the years, but the goal is always the same: predict the future as accurately as possible.

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PRODUCTS AND SOLUTIONS

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We’re here to help

Ask the tough questions. We’re ready for them.