Global consulting and actuarial firm Milliman has been recognized for its insurtech products and risk consulting services.
The firm was recently awarded three 2020 InsuranceERM Americas Awards. The awards recognize enterprise risk management leaders in the Americas.
In the technology category, Milliman’s Nodal predictive modeling platform was named “Analytics Solution of the Year”, while its Arius Enterprise reserve analysis product was named “Cloud Technology of the Year”. Nodal uses machine learning to sort through unstructured data to identify high-risk claims, and has helped clients reduce claims severity by 15% and overall losses by 41%, Milliman said. Arius has improved clients’ analyses and governance of data and processes, saving hundreds of hours per year.
Milliman was also recognized for its risk consulting services, with three members of its Chicago Life ERM practice – Anthony Dardis, Ariel Weis, and Chloe Lau – winning “Risk Team of the Year.”
“Transformation in the insurance industry begins by leveraging new technologies in conjunction with the latest data and expert analysis, three areas in which Milliman excels,” said Milliman President and CEO Steve White. “Managing complex risks requires both the best expertise and the most innovative tools, so we feel gratified to have won three IERM Americas Awards for both our risk consulting and technology solutions.”
