SEATTLE, Jan. 24, 2017 /PRNewswire/ -- Milliman, Inc., the premier global consulting and actuarial firm, today announced that Constellation has chosen Milliman Datalytics-Defense® as its platform for processing its defense cost invoices. Datalytics employs powerful data mining algorithms to help insurers detect patterns in attorney billing practices, delivering better understanding of both costs and defense strategies.
"With Milliman Datalytics-Defense we are excited about being able to extract additional intelligence from our defense cost data in order to assist us in making informed, data-driven decisions in our defense strategies moving forward," says Steve Lacke, Constellation Chief Operating Officer. "While the MPL industry has experienced an unprecedented drop in frequency since the early 2000's, the cost of defending claims has not gone down commensurately. When we went to market to find a new tool to assist us in managing that cost curve, Datalytics was clearly different, and showed the greatest promise for us."
Milliman Datalytics-Defense provides real-time, actionable intelligence through responsive reporting dashboards that are built upon a robust data warehouse. The web-based tool is available on a subscription basis and can perform peer comparisons, allowing insurers to credibly benchmark their defense costs. The tool's predictive analytic engine helps insurers develop best practices of claims defense.
"We look forward to working with Constellation to identify cost effective claims handling strategies by unlocking the information that is hidden in their defense costs invoices and turning it into actionable data," says Chad C. Karls, Milliman principal and consulting actuary. "Constellation has a reputation of being forward-thinking and we believe that this move puts them at the forefront of ALAE management – something the entire MPL industry has struggled with for over a decade now."
To learn more about Milliman Datalytics-Defense, go to http://us.milliman.com/Solutions/Products/Milliman-Datalytics-Defense/.
Minneapolis-based Constellation is a holding company of policyholder-owned insurers and other organizations providing medical liability insurance and services that support physicians and other health care providers. Through partnerships offering solutions that help providers deliver better quality patient care, a better patient experience and lower costs of care, Constellation, founded in 2012, is a leader in health care provider support and risk solutions. For more information, visit www.ConstellationMutual.com.
Milliman is among the world's largest providers of actuarial and related products and services. The firm has consulting practices in healthcare, property & casualty insurance, life insurance and financial services, and employee benefits. Founded in 1947, Milliman is an independent firm with offices in major cities around the globe. For further information, visit milliman.com.
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SOURCE Milliman, Inc.