Physicians Insurance Teams with Milliman Datalytics-Defense to Apply Machine-Learning to Claims Management Strategies
Milliman, Inc., the premier global consulting and actuarial firm, today 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 powerful 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, 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,” says Chad 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.”