Financial Analysis of the Medical Malpractice Insurance Industry — Third Quarter 2018
February 22, 2019
This new video series from Medical Liability Monitor takes a quarterly, deep-dive look at the financial health of the medical malpractice insurance industry. These videos give our subscribers and the greater healthcare community all the necessary information to understand the current financial health of the medical professional liability (medical malpractice) industry as well as actuarial predictions for the industry’s future.
The Doctors Company Now Using Milliman Datalytics-Defense’s AI platform for Claims-Defense Management
January 17, 2019
Milliman Inc., a global consulting and actuarial firm, announced that The Doctors Company has implemented Milliman Datalytics-Defense as its advanced analytics legal management platform for processing defense cost invoices. The choice of Datalytics-Defense lets The Doctors Company collaborate with defense counsel to use best practices for defense strategy through artificial intelligence and data-driven decisions. Milliman Datalytics-Defense employs data mining algorithms and machine learning to help insurers and self-insureds detect patterns in attorney billing practices, delivering a better understanding of costs and case strategies.
"At The Doctors Company, we are continually looking for innovative ways to harness the data available to us and use it to improve our operations and increase efficiencies," said Cathy Shutack, senior vice president of claims at The Doctors Company. "With Milliman Datalytics-Defense, we've found a way to apply artificial intelligence based techniques to our vast amounts of data, and use the resulting information to make better data-driven decisions around the claims management process."
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 powerful and proprietary data-mining algorithms that convert text-based data into rich and powerful structured data.
"Leading companies recognize the importance of analyzing the data available to them and unlocking its hidden intelligence as a way to effectively manage and mitigate risk," saidChad C. Karls, principal and consulting actuary with Milliman. "The Doctors Company has a reputation as a forward-thinking organization that understands how a tool like Datalytics-Defense can benefit its members, and I'm looking forward to continuing our work together."
Physicians Insurance teams with Milliman Datalytics-Defense to Apply Machine-Learning to Claims Management Strategies
December 6, 2018
Milliman, Inc., a global consulting and actuarial firm, recently 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 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, Physicians Insurance A Mutual 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,” saidChad 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.”