“After success with many of the largest insurers in the country, we are excited to bring our deep subject matter expertise to the self-insured market with Riskonnect”
“We are pleased to be able to integrate the power of Milliman’s predictive analytics into Riskonnect’s comprehensive risk management technology solution. This collaboration will provide Riskonnect clients and prospects another way to increase efficiencies and add value to their claims management processes,” said Riskonnect CEO Bob Morrell.
“After success with many of the largest insurers in the country, we are excited to bring our deep subject matter expertise to the self-insured market with Riskonnect,” said Philip Borba, Milliman principal. “Milliman’s predictive analytics turns structured and unstructured data, such as adjuster notes, into actionable insights for early claim intervention.”
Milliman’s predictive analytics reduces claim costs and improves efficiency by predicting future claim outcomes with specialized machine learning techniques. Results are integrated into Riskonnect — allowing simple, rapid accessibility for claims professionals.
Specifically, Milliman’s predictive analytics provides the following benefits:
- Speeds up detection of high-cost claims by finding small claims shortly after injury that are likely to increase substantially.
- Saves time by focusing resources on high-cost claims, rather than low-cost claims.
- Provides users with a simple, easily understandable score for each claim from 1 to 100.
“Client after self-insured client has requested the ability to easily identify which new claims will blow up,” said Milliman consultant Mike Paczolt. “As scoring is received daily, real-time strategies can be developed to intervene in future high-cost claims. By integrating predictive analytics into Riskonnect’s award winning platform, we can provide a truly innovative, comprehensive solution to the industry.”
About Riskonnect, Inc.
Riskonnect, Inc. is the provider of a premier, enterprise-class technology platform for the risk management industry. As an independent innovator in risk management software, Riskonnect develops and markets a growing suite of software solutions on a world-class cloud computing model, helping clients elevate their risk management programs, safety solutions and programs for management of risks across the enterprise. Through its strategic, operational and insurable risk software applications, Riskonnect provides the risk management industry with the specific, configurable solutions needed to reduce losses, control risk and affect shareholder value.
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.