Milliman, Inc. Company Profile

Background

Overview

Milliman, Inc., established in 1947 by Wendell Milliman and Stuart A. Robertson, is an international actuarial and consulting firm headquartered in Seattle, Washington. The company specializes in providing actuarial services, consulting, and related technology and data solutions across various sectors, including healthcare, insurance, life sciences, and employee benefits. With a global presence, Milliman operates 59 offices worldwide, employing over 4,800 professionals.

Mission and Vision

Milliman's mission is to help clients in the public and private sectors navigate complex risks, such as extreme weather, market volatility, financial insecurity, and rising health costs. The firm aims to provide innovative solutions that protect the health and financial well-being of people globally.

Industry Significance

As one of the largest independent actuarial and consulting firms, Milliman serves a diverse clientele, including business, financial, government, union, education, and nonprofit organizations. The firm's expertise is recognized in the industry, with consulting services provided to more than 80% of the largest global insurance companies.

Key Strategic Focus

Core Objectives

Milliman focuses on delivering customized and cost-effective solutions to manage unique risks associated with various sectors, including healthcare, insurance, and employee benefits. The firm emphasizes objectivity, professional excellence, and innovation in its consulting services.

Areas of Specialization

Employee Benefits: Consulting on retirement plans, compensation, and health and welfare benefits.

Healthcare: Providing data analysis, predictive analytics, and consulting services to healthcare organizations.

Life Insurance and Financial Services: Offering actuarial services and consulting for life insurance companies and financial institutions.

Property and Casualty Insurance: Delivering risk management and actuarial consulting for property and casualty insurers.

Key Technologies Utilized

Milliman leverages advanced technology and data analytics to develop solutions for complex challenges, including market volatility, financial insecurity, and rising health costs.

Primary Markets Targeted

The firm's services cater to a wide range of markets, including business, financial, government, union, education, and nonprofit sectors. Milliman's expertise is particularly recognized in the insurance industry, serving a significant portion of the largest global insurance companies.

Financials and Funding

Funding History

Milliman is privately held and owned by approximately 350 principals, who are distinguished by their technical and business acumen. The firm has experienced steady growth, with revenues reaching $1.51 billion in 2023.

Recent Developments

In June 2021, Milliman announced plans to create nearly 100 new jobs in Indianapolis over the next four years, expanding its presence in the region. The firm will occupy a 50,000 square-foot office space in the Market Tower building in downtown Indianapolis.

Pipeline Development

Milliman's consulting services encompass a broad spectrum, including actuarial consulting, data analysis, and predictive analytics. The firm continually develops and refines its service offerings to address emerging challenges in healthcare, insurance, and employee benefits. Specific details regarding pipeline candidates or product development stages are not publicly disclosed.

Technological Platform and Innovation

Proprietary Technologies

Milliman offers proprietary tools such as the Milliman Actuarial Retirement Calculator (MARC), a pension administration system for defined benefit and cash balance plans.

Significant Scientific Methods

The firm employs advanced data analytics and predictive modeling techniques to provide insights and solutions across various sectors, including healthcare and insurance.

Leadership Team

Key Executives

Dermot Corry: President and CEO.

Ken Mungan: Chairman.

Professional Backgrounds

Dermot Corry serves as the President and CEO of Milliman, leading the firm's strategic direction and operations. Ken Mungan holds the position of Chairman, overseeing the firm's governance and strategic initiatives.

Competitor Profile

Market Insights and Dynamics

The actuarial and consulting industry is characterized by a diverse range of firms offering specialized services. Milliman's competitors include:

Protiviti: Provides consulting services in finance, technology, operations, data, analytics, governance, risk, and internal audits.

Oliver Wyman: Offers management consulting services across various industries, including financial services, health and life sciences, and public policy.

Perr&Knight: Specializes in actuarial and management consulting services for the insurance industry.

Strategic Collaborations and Partnerships

Milliman collaborates with various organizations to enhance its service offerings and address complex challenges. For instance, the firm has been recognized by Captive Review as Actuarial Firm of the Year multiple times, reflecting its strong presence in the industry.

Operational Insights

Milliman's independent ownership structure allows it to focus solely on client interests without external influences, differentiating it from competitors that are part of larger conglomerates.

Strategic Opportunities and Future Directions

Milliman continues to expand its global footprint, with recent developments such as the planned expansion in Indianapolis. The firm remains committed to innovation and addressing emerging challenges in healthcare, insurance, and employee benefits through advanced data analytics and consulting services.