Milliman, a consulting, actuarial and technology services provider, has introduced a new solution for integrating disparate data and systems for group and worksite insurers.
Named Milliman Connect, the new offering is designed to assist insurance carriers, voluntary benefit providers, MGAs, third party administrators and brokers in unifying their data.
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The solution is said to help users streamline operations and facilitate informed decision-making.
It functions as an Application Programming Interface/Electronic Data Interchange (API/EDI) data exchange, addressing the increasing necessity for organisations to link various internal data sources and systems, as well as enabling connections with external systems.
The platform is said to enhance the management of enrolment, premiums and claims by utilising existing systems and data.
The centralised platform of Milliman Connect allows businesses to fully exploit their data’s potential, ensuring precision, heightened revenue efficiency and faster product launches.
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By GlobalDataIt offers a suite of features designed to cater to the varied requirements of insurers, including a customisable data workflow that can be tailored to specific business needs through configurations and rule settings.
In addition to facilitating data integration through EDI and API processes, Milliman Connect integrates both modern and legacy systems internally and externally.
This enables users to concentrate on expanding their business without the burden of managing complex data processes.
The platform’s reporting capabilities offer essential insights with reports on commissions, premium reconciliation and business intelligence.
Milliman Connect also encompasses a range of value-added services, supporting functions such as billing, commissions, eligibility, quoting, policy management, premium leakage and more.
Furthermore, the enrolment platform within Milliman Connect is specifically designed to optimise data movement.
Milliman principal and Milliman Connect managing director Manish Mandelia said: “Milliman Connect was built to support insurers and solve the sorts of business problems that come from disparate data and systems.
“Milliman Connect simplifies buying, selling, quoting and enrolling in insurance products, which allows leadership to focus on strategy, growth and better serving members.”
Recently, Milliman acquired Pluritem Health, a clinical data platform, which aggregates and analyses patient medical histories to enhance the quality and cost-effectiveness of care across various healthcare settings.
