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.
ERP System Implementation
See Tormach’s story
