Company Research Report: Millennium Information Services, Inc.

Company Overview

• Name: Millennium Information Services, Inc.

• Mission: Transform data into intelligence, providing P&C insurers with innovative ways to collect, manage, and mine an extensive range of property and performance data to fuel true underwriting intelligence.

• Founded: 1991

• Founder: No information is available

• Key People: No information is available

• Headquartered: 500 Park Blvd., Suite 1100, Itasca, IL 60143

• Number of Employees: No information is available

• Revenue: No information is available

• Known For: Offering nationwide inspections, technology tools, and analytic solutions to help insurers build more profitable and predictable homeowner portfolios.

Products

Self InspectR®

• Description: An alternative to physical inspections, providing a less-intrusive option for homeowners to capture property photos using their smartphones or tablets.

• Key Features:

• User-friendly self-submission process

• No need for mobile app download

• Seamless photo capture guided by examples

• Location-verified photos analyzed by underwriting specialists

PreInspectR®

• Description: Inspection optimization tool that directs resources to actionable risks.

• Key Features:

• Analyzes over 50 factors to prioritize inspections

• Uses policy, home, environmental, and geographic variables

Property PredictR®

• Description: Predictive scoring solution for assessing the potential loss ratio relativity of each property.

• Key Features:

• Developed with FICO® analytics

• Informs carriers of individual loss potential

• Optimizes inspection budgets

Data Analytics

• Description: A suite of tools that provides comprehensive data analysis for informed decision-making.

• Key Features:

• Ad hoc reporting tool for multi-dimensional reports

• PreInspectR Insurance Scores for likelihood of actionable conditions

• Historical and geospatial data analysis

Reporting & Workflow Tools

• Description: Provides dynamic data warehouse and workflow management solutions.

• Key Features:

• Instant access to property information and inspections

• Automated underwriting process with configurable Stack Logic®

• Secure, password-protected website

Telephone Surveys

• Description: Phone-based services for the acquisition and verification of policyholder information.

• Key Features:

• Residential data verification

• Pre-inspection notifications

• Post-inspection satisfaction surveys

Recent Developments

New Products Launched

• Self InspectR®: Introduced a service for homeowners to self-inspect their properties using smartphone apps, particularly useful for hard-to-schedule locations.

New Features Added

• MAPS Platform Enhancements: Integration with Self InspectR® for seamless data handling and improved inspection process workflows.

Partnerships

• FICO® Partnership: Collaboration to develop Property PredictR®, which uses FICO®’s advanced analytics for predictive risk assessments.

New Initiatives

• Enhanced Customer Call Processes: Improved engagement with policyholders by pre-notifying them about inspections via calls, leading to increased homeowner cooperation and faster inspection completion.

• Customized Training Programs: Implementation of specific training sessions for inspectors based on client needs, enhancing inspection accuracy and client satisfaction.

Note: The report contains only the information available from the provided data. Fields marked as "No information is available" indicate the absence of specific details in the given data.