Physicians Insurance teams with Milliman Datalytics-Defense to apply machine-learning to claims management strategies
SEATTLE, Nov. 12, 2018 /PRNewswire/ -- Milliman, Inc., the premier global consulting and actuarial firm, today announced that Physicians Insurance A Mutual Company has selected Milliman Datalytics-Defense® as its advanced analytics legal management platform for processing defense cost invoices. Milliman Datalytics-Defense employs powerful data mining algorithms and machine learning to help insurers and self-insureds detect patterns in attorney billing practices, delivering a better understanding of both costs and defense strategies.
"At Physicians Insurance we seek out forward-thinking solutions that provide value to our members," says John Domeika, Senior Vice President. "With Milliman Datalytics-Defense, we've gained an innovative claims handling process that will improve strategies and help us best steward our member resources."
Milliman Datalytics-Defense is designed specifically for the insurance industry and has subject matter expertise built into the technology and reporting. The tool's predictive analytic engine is fueled by a powerful and proprietary data-mining algorithm for greater accuracy and the ability to turn text into structured data.
"To manage and mitigate risk effectively today, it's necessary to employ tools that take advantage of advanced analytics techniques like data mining and machine learning," says Chad C. Karls, principal and consulting actuary with Milliman. "We look forward to working with Physicians Insurance to help reduce costs and increase transparency in the claims handling process."
To learn more about Milliman Datalytics-Defense, go to http://us.milliman.com/Solutions/Products/Milliman-Datalytics-Defense/.
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.
About Physicians Insurance
Physicians Insurance A Mutual Company provides traditional, first-dollar medical professional liability insurance, medical stop loss, provider excess, and reinsurance coverage to more than 8,500 physicians, practices, corporations, and hospitals in Washington, Idaho, Oregon, Wyoming, and Alaska . Through its subsidiaries, the company also provides alternative risk financing vehicles and captive management with corresponding risk-management consulting, continuing medical education, and claims administration services. The company is rated A- (Excellent) by A.M. Best and maintains corporate headquarters in Seattle, with regional and subsidiary offices in Spokane, WA, Portland, OR, Milton, VT, and Orlando, FL.
SOURCE Milliman, Inc.
Related Link http://www.milliman.com
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