LTC collaboration combines predictive analytics to offer support to high-risk policyholders
SEATTLE, April 6, 2021 /PRNewswire/ — Milliman, Inc., one of the premier global consulting and actuarial firms, today announced that its Long-Term Care Advanced Risk Analytics (LARA) group has formed a strategic alliance with The Helper Bees, a care concierge program, to offer an innovative long-term care (LTC) solution to payers and plan sponsors.
Because of the time that elapses between LTC policy purchase and claims filed, LTCI carriers frequently know little about their in-force population. Combined with growing LTC costs, this lack of information can create strain for payers and increased rates for policyholders.
Milliman LARA leverages the industry-renowned expertise of Milliman consultants to uncover powerful insights about an LTCI population using predictive analytics, claims data, and proprietary data sets to identify high-risk policyholders.
The Helper Bees
Now, Milliman is collaborating with The Helper Bees, a healthcare insurtech company, to create an LTC solution that offers wellness initiatives and at-home interventions that convert the actionable information produced by the LARA models into real world policyholder outreach and quality of life improvements. The strategic alliance creates the potential for insurers to offer early wellness programs for high-risk policyholders, which can drive better health outcomes, reduce claims costs, and improve a policyholders’ quality of life by helping them age in place.
“Milliman’s collaboration with The Helper Bees offers a comprehensive LTC inforce management program that is rooted in our extensive industry expertise, and our technology,” says Robert Eaton, a principal with Milliman’s LARA group. “Combined with The Helper Bees aging-in-place care concierge offerings, we believe we can improve the product experience for both payers and policyholders.”
“The Helper Bees’ Care Concierge program is proud to be recognized and selected as a collaborator for Milliman’s LARA group,” said Char Hu, Founder and CEO of The Helper Bees. “This symbiotic relationship enables us to better target insureds who need The Helper Bees’ aging-in-place interventions, by harnessing the data outputs from Milliman’s LARA models. Additionally, our combined data-first methodologies also allow for a feedback mechanism where interventions improve predictions and the predictions improve our interventions.”
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.