Consulting and actuarial firm Milliman said that speciality property and casualty (P&C) company Skyward Specialty Insurance Group has selected the Milliman Datalytics-Defense platform to process invoices related to defense costs.
Milliman claimed that Milliman Datalytics-Defense utilises robust data mining algorithms to assist insurers in identifying patterns within attorney billing practices. This contributes to a more comprehensive understanding of both costs and defense strategies.
Skyward Specialty executive vice president and chief claims officer Sean Duffy said: “At Skyward Specialty we seek out forward-thinking, tech-enabled solutions to augment our expertise and provide efficiency for our partners.
“Working with Milliman Datalytics-Defense enables us to continue to deliver top-tier claims handling processes and service that really provide value to our clients.”
Milliman Datalytics-Defense is accessible through a subscription-based web platform. The tool offers real-time, actionable intelligence with responsive reporting dashboards built upon a robust data warehouse.
Employing a data-driven approach, the platform aids insurers in making informed business decisions, enhancing counsel management, and lowering overall litigation costs. Furthermore, Milliman Datalytics-Defense incorporates a predictive attorney scoring model, enabling insurers to allocate legal defense funds more effectively by assessing cost versus outcome.
Milliman principal and consulting actuary Chad Karls said: “We are excited to collaborate with Skyward Specialty to assist them in bringing additional value to their clients.
“The ability to supplement Skyward’s internal expertise with detailed and actionable data derived from our A.I.-based machine learning algorithms will help to differentiate Skyward from its peers.”
Milliman is a provider of actuarial, risk management, and technology solutions. The company’s consulting and advanced analytics capabilities cover healthcare, life insurance, property and casualty insurance, financial services, and employee benefits.
