SEATTLE, Jan. 19,
2023 /PRNewswire/ -- Milliman, Inc. ("Milliman"), the
premier global consulting and actuarial firm, today announced that
Millennial Specialty Insurance, LLC ("MSI"), an indirect subsidiary
of BRP Group, Inc. (NASDAQ: BRP), has chosen Milliman Bungalow
("Bungalow") as its insurtech platform for a complete flood
insurance rating solution. Bungalow empowers insurers and MGAs to
close the flood insurance protection gap while managing risk and
profitability. It addresses the full product lifecycle for flood
insurance, from product design, rating, underwriting and capacity
management, to feasibility and market strategy, all the way to
filing and regulatory compliance.
Milliman Bungalow empowers insurers and
MGAs to close the flood insurance protection gap while managing
risk
"Flood is a complex peril to underwrite and price. Milliman
Bungalow checked all the boxes for us. The solution was a natural
fit for our needs since we launched our differentiated private
flood suite of products to fill the massive flood protection gap in
the United States," said
Rajiv Mata, Managing Director at
MSI.
Bungalow has residential rates filed in 40 states and a
commercial offering coming online in the near future. The product
brings together the necessary tools needed to get started in a
prebuilt yet customizable solution. Out of the box, Bungalow
contains actuarially sound loss costs that are customizable to a
range of products, a production-ready rating engine, and precise
geographic data for pricing and underwriting.
"Insurers and MGAs typically must invest significant resources
into developing and successfully introducing a private flood
program," said Greg Dietzen, a
consulting actuary at Milliman. "Bungalow lowers the costs and
uncertainty of market entry while providing a customizable approach
for product differentiation."
To learn more about Milliman Bungalow, go to:
https://us.milliman.com/en/products/bungalow
About Milliman
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.
About MSI
MSI is a tech-enabled MGA focusing on creating and scaling
quality property & casualty insurance products across personal,
commercial and specialty lines. MSI is led by entrepreneurs and
technology experts with a commitment to innovation, data,
profitable growth and providing a best in class experience for all
of our stakeholders. MSI serves more than 1 millionclients across
the US. For more information, please visit msimga.com.
About BRP GROUP
BRP Group, Inc. (NASDAQ: BRP) is an independent insurance
distribution firm delivering tailored insurance and risk management
insights and solutions that give our clients the peace of mind to
pursue their purpose, passion and dreams. We are innovating the
industry by taking a holistic and tailored approach to risk
management, insurance and employee benefits, and support our
Clients, Colleagues, Insurance Company Partners and communities
through the deployment of vanguard resources and capital to drive
our growth. BRP Group represents over 1,200,000 Clients across
the United States and
internationally. For more information, please visit
www.baldwinriskpartners.com.
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content:https://www.prnewswire.com/news-releases/millennial-specialty-insurance-llc-chooses-milliman-bungalow-as-its-private-flood-insurance-pricing-solution-to-close-the-flood-protection-gap-301726018.html
SOURCE Milliman, Inc.