Category Archives: News

It’s a three-peat; Milliman named actuarial firm of the year again

Milliman has received two 2020 U.S. Captive Review Awards. These awards recognize and reward providers of captive insurance products and services, who have outperformed their competitors and demonstrated the highest levels of excellence.

As an organization, Milliman received an award in the Actuarial Firm of the Year category. The award recognizes the firm that has demonstrated the highest level of service meeting clients’ needs over the past year. Milliman has received this recognition for three consecutive years.

Individually, consultant Joel Chansky received an award for Outstanding Contribution of the Year. The award is given to a captive professional that has made significant contributions to enhance the industry.

To see all the award winners, click here.

Milliman consultant has influencer power

Milliman consultant Mike Meehan was again named to the Captive Review Power 50 list. It is the fourth consecutive year that he has received the distinction. Mike was named the 29th most influential professional in the global captive insurance industry.

“I once again find myself both humbled and honored to be included on Captive Review’s Power 50 list. For over 25 years I have been very fortunate to work with an amazing and talented team at Milliman. The honor of being included on the Power 50 list would not be possible without these collective efforts,” he said.

To see the entire 2020 Power 50 list, click here.

Milliman and Enova announce strategic alliance providing next generation advanced analytic solutions to life insurance industry

Milliman and Enova Decisions, a leading financial technology and analytics company, today announced a strategic alliance aimed at bringing new advanced analytics to insurers. The alliance brings together Milliman’s deep domain expertise and data resources and Enova Decisions’ real-time analytic capabilities, giving insurers an innovative platform for retaining customers, optimizing sales operations, and maximizing the value of current and future customers.

“Insurers everywhere are competing on the basis of who can best understand consumer behavior, and this competition is driven by increasingly sophisticated analytics,” says Sam Nandi, Milliman Principal and Consulting Actuary. “With Milliman’s deep subject matter expertise and Enova Decisions’ decision management platform, we give insurers the best tools to succeed in all the different dimensions of their business, whether it’s sales, distribution management, customer targeting, product development, or myriad other applications.”

“Leaders in highly regulated industries know that proper management of data for security and privacy is critical,” said Joe DeCosmo, Chief Analytics Officer for Enova Decisions. “By working with Enova Decisions, insurers can leverage our 15 year of experience making data-driven decisions in real time and access the latest decisioning technology while remaining compliant.”

The Milliman/Enova Decisions strategic alliance will provide life insurance clients with the opportunity to achieve strategic targets and business goals through the activation and operationalization of integrated,  data intelligence-driven solutions.

Milliman once again recognized by Captive Review as Actuarial Firm of the Year

For the fourth time in the last six years, including in 2018, Milliman was named actuarial firm of the year at the 2019 U.S. Captive Review Awards, held recently in Burlington, Vt. These awards recognize and reward providers of captive insurance products and services, who have outperformed their competitors and demonstrated the highest levels of excellence over the past 12 months.

“I was honored to once again be able to accept this award on behalf of Milliman. I am fortunate to work with an amazing team of consultants and thought leaders that continue to provide exceptional service to the captive industry,” said consultant Mike Meehan, who has been named to the Captive Review Power 50 list in 2016, 2017, and 2018.

Milliman consultant Mike Meehan with Captive Review’s Mansi Khatwani.

Milliman professionals recognized as captive industry influencers

Milliman’s Joel Chansky was inducted into the Captive Review Hall of Fame, which celebrates the most influential professionals in the captive insurance industry over the past 50 years. Joel has assisted with the formation and the ongoing actuarial needs of many captive insurers. He also reviews captive and risk retention group applications for several state insurance departments.

“This is truly a great honor. When I heard about this, I felt a number of things. First, a bit old, especially when there is a reference to the past 50 years. But second, and more importantly, both humbled and fortunate. A big thank you to the great team around me at Milliman that’s allowed me to do the things it takes to get this recognition, and a bigger thank you to my wife and kids who have always supported me throughout my career,” Joel said.

It was also a three-peat for Milliman consultant Mike Meehan, who was named to the Captive Review Power 50 list for the third consecutive year. Mike climbed up the list five spots, appearing at #34 this year. “I am honored to be included on Captive Review’s Power 50 again this year. It is truly a privilege to be included among the names of so many in the captive industry for whom I have the utmost respect, several of which I am fortunate to call my friends,” he said.

The Captive Review Power 50 recognizes the most influential captive insurance professionals around the world. Individuals are nominated and voted for by peers who identify them as the biggest “movers and shakers” in the captive insurance industry over the past 12 months and who will continue to influence the industry’s direction and progress in the future.

See the breakdown of the 2018 Power 50 list here.

Milliman actuary named first ever U.S.-based Independent Expert after Oklahoma passes Insurance Business Transfer Act

Milliman today announced that Stephen DiCenso, FCAS, MAAA, has been appointed as the country’s first Independent Expert (IE) following the passage of Oklahoma’s Insurance Business Transfer Act. Effective as of November 1, 2018, the Insurance Business Transfer Act is the broadest legislation of its kind to-date in the United States.

An insurance business transfer (IBT), which is subject to state insurance regulatory and court-sanctioned review and approval, allows insurers with run-off business to transfer that business to another entity without obtaining shareholder consent. IBTs create considerable flexibility and financial security, and can help eliminate uncertainty, reduce administrative expense, simplify regulation, and free up capital for more profitable enterprises. Oklahoma’s IBT legislation applies to life, health, and property-casualty liabilities, and is open to both run-off and active books of business.

Modeled after an approach that has been successful in Europe, U.S. actuaries are ideally suited to serve in the role of IE, as they possess the education and training needed to ensure policyholders involved in these IBTs are protected and treated fairly.

“I am proud of my work as coauthor of the Insurance Business Transfer (IBT) Act, while a member of the Oklahoma House of Representatives. Now as the Oklahoma Insurance Commissioner, I am committed to an efficient and transparent approval process,” stated Commissioner Glen Mulready.

“I’m honored to serve as the country’s first Independent Expert following Oklahoma’s success in creating a market for insurance business transfers,” said DiCenso, a principal and consulting actuary with Milliman. “The U.S. runoff market is estimated to be $350 billion for non-life insurance, and could reach $1 trillion when factoring in life insurance and long-term care. There are major financial implications for U.S.-based insurers of all types.”

To learn more about Oklahoma’s IBT Act and the role of the IE, click here.