Milliman unveils comprehensive suite of flood insurtech products to ease market entry for private insurers
SEATTLE, June 29, 2021 /PRNewswire/ -- Milliman, Inc., a premier global consulting and actuarial firm, today announced a new suite of flood insurtech products that offers a comprehensive solution for start-ups, carriers, and MGAs looking to enter the private flood insurance market.
The products include Milliman Bungalow, a complete flood insurance solution; Milliman PinPoint, rapid, easy location-based rating intelligence; and Milliman Appleseed, an advisory organization licensed to submit regulatory pricing filings in 38 states and counting. Together, the suite of products, along with Milliman’s extensive flood expertise, provides a sophisticated yet easy one-stop-shop for insurers looking to enter the growing private flood insurance market.
“To roll out a private flood offering successfully, insurers must invest significant resources to address the evolving market and regulatory uncertainty,” says David D. Evans, Consulting Actuary at Milliman. “Milliman’s suite of products – built by some of the foremost experts on flood insurance – accelerates the process by reducing the risks and costs of market entry while also providing a bespoke approach for product differentiation.”
“As a flood insurance provider and distributor, our vision of success is that for every real estate transaction in the United States — whether buying, selling, or refinancing — flood insurance should be offered as a product that’s available to protect that property,” says James R. Watje, Senior Vice President of Private Flood at Wright National Flood Insurance Services, LLC. Watje tapped Milliman to help Wright Flood develop and grow its private flood insurance business, which is now available in an ever-growing number of states. “We chose Milliman based on their deep flood expertise and our comfort with the quality of this team and its leadership. We knew they – like us – were committed to making our private flood program succeed.”
Milliman is among the world’s largest providers of actuarial, risk management and technology solutions. Our consulting and advanced analytics capabilities encompass 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.
SOURCE Milliman, Inc.