Milliman has the depth of knowledge and experience—along with the necessary technological savvy—to assist start-up property & casualty insurance companies in business formation. Our work includes providing both general and detailed insurance knowledge and strategy as well as developing new technology-based insurance products. We offer a unique blend of knowledge, research, and analytic tools to guide start-up insurance companies in a number of areas.

Among the services we offer:

• Insurance market and financial management training. We offer an analytical, independent perspective to provide insight into the insurance market and financial management specifically as it relates to the start-up company.
• Technology integration into insurance quoting, underwriting, rating, claims, and policy administration. We see technology as a means to change the whole customer experience by designing faster, smarter, and safer business solutions for our clients, which is especially important in the fast-moving start-up world.
• Insurance line of business subject matter expertise. We have acted as a subject matter expert in a number of insurance-related areas, including personal lines homeowners, auto, dwelling fire, inland marine, and umbrella, for millennials and high net worth markets, personal and commercial catastrophe exposed property insurance products (earthquake, hurricane, flood, etc.), as well as a wide array of commercial lines products including auto, property, business owners protection, title insurance, and others.
• Rate development and regulatory filing strategy. We add value to every aspect of the ratemaking process. We combine technical sophistication with experience in a vast array of products and coverages. We advise our clients on strategic product and pricing decisions, including incorporating predictive modeling into connected home, car, and other behavior models.
• State filing and approval. We help prepare and submit state rate and form filings on behalf of our clients and work with them to respond to questions from state insurance departments. We have intimate knowledge of what each state department of insurance expects to see in a filing and work effectively to facilitate the filing review and approval process.
• Drafting coverage and policy forms. We draft language for new insurance products and help navigate state-specific regulatory requirements. Our consultants work as a team to ensure the product’s forms and rates are in sync and in compliance with state laws.
• Competitive analysis. We perform competitive analysis to help clients identify their competitors and determine those competitors’ strengths and weaknesses.
• Claims management strategy. Our consultants have years of practical experience—as underwriters, claims professionals, reinsurance experts, actuaries, and executives—evaluating internal insurance operations as well as market and regulatory factors that affect operational and financial performance.
• Capital modeling. Milliman helps start-up companies implement economic capital models that are aligned with their business strategies, which allows decisions to be made that are founded on a realistic assessment of the available capital and the required capital for any undertaking.