"SVA took the time up front to understand globally what we were attempting to do for our clients."
Milliman - Datalytics Defense Analytics
Enterprise Data Warehouse, Analytics, Dashboarding
Private Cloud, SQL Server Databases, MS SQL Server SSIS
Milliman is among the world’s largest providers of actuarial and related products and services. They provide expert guidance and advanced technology solutions to empower leading insurers, healthcare organizations and employers to protect the health and financial well-being of people everywhere.
SVA Consulting (SVAC) partnered with Milliman’s Datalytics Defense® leadership to address questions around defense costs and to specifically determine why costs have continued to grow year after year for insurers and self-insurers. More importantly, Milliman wanted to identify what factors influence higher defense costs and to provide actionable advice to insurance carriers that could actually save them money. SVAC worked alongside Milliman’s Datalytics Defense® team to find ways to uncover valuable insights that ultimately saved their clients millions of dollars per year in defense costs.
Milliman uses a variety of predictive analytics methodologies, including data mining, statistical models, and machine learning techniques, to hone in on which claim attributes drive increases in loss and expense costs. This is the area where SVA Consulting positioned itself as Milliman’s strategic partner. We collaborated with their team to make the identification of analytic attributes and credibility-weighted models automated and scalable to a national footprint of clients. The proprietary algorithms are designed to adjust individual claims based on numerous risk attributes, resulting in an even playing field when making comparisons. Using the adjusted claims, SVAC provided a dashboard tool that compares lawyers and claims adjusters to their peers to help determine who is ineffectively managing claims and to deliver actionable insights about a company’s risk profile. This technology, paired with Milliman’s expert consulting and knowledge of the industry, allows insurance carriers to reduce their defense costs significantly.
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