Milliman
 | |
| Actuarial, Consulting | |
| Industry |
Actuarial Management consulting Insurance Human Resources Professional Services Employee Benefits |
| Founded | 1947 |
| Headquarters | Seattle, Washington, U.S. |
Key people |
Stephen A. White, President and CEO Ken Mungan, Chairman |
| Products |
Professional Services Consulting |
| Revenue | $838M (2014)[1] |
Number of employees | 3,000[1] |
| Website | www.milliman.com |
Milliman, formerly Milliman & Robertson, is a large international, independent actuarial and consulting firm, with revenues of $838 million in 2014. Founded in Seattle in 1947, by Wendell Milliman and Stuart A. Robertson, the firm operates 59 offices worldwide with over 3,000 employees,[1] including more than 1,300 consultants and actuaries. Milliman is owned and managed by approximately 350 principals.[2] Milliman's primary business include consulting practices in employee benefits, healthcare, investment, life insurance and financial services, and property and casualty insurance. Clients include a spectrum of business, financial, government, union, education, and nonprofit organizations. The firm also provides data analysis, predictive analytics, and big data services.
History
In the late 1940s, actuary and insurance industry veteran Wendell Milliman launched the first such consultancy in the Pacific Northwest. He was later joined by Stuart A. Robertson, and together they established Milliman & Robertson, Inc. The firm was initially centered mainly on assessing business risk and pension issues. In the retirement plan industry, Milliman provided services in actuarial consulting, consulting on compensation and care, retirement outsourcing, and others.[3][4]
During the 1950s, Milliman & Robertson established the first health insurance benchmarking tool for the US healthcare market. Over the decade, Milliman & Robertson expanded from Seattle, opening offices down the West coast, and through the 1960s the company expanded east. In addition to their medical cost work, Milliman continued to develop new forms of annuities and employee benefit plans. This included the development of the industry standard early pension valuation and financial modelling systems during the early 1980s. The company’s first international office was opened in Tokyo during the 1990s, which was followed by international offices in several other foreign markets, and the first foreign insurance consulting assignment to be given in the People’s Republic of China. [5][4][6]
Milliman indices
Milliman produces economic indexes for the American healthcare and insurance markets, including the Milliman 100 Pension Funding index. The Pension Funding Index examines the liabilities and assets of the top 100 pension funds in the US, establishing the funded status of the group overall. [7] The company also releases an annual Milliman Medical Index, first published in 2001. The Medical Index calculates the total annual cost of healthcare for an American family of four covered by employer healthcare coverage. Between 2002 and 2015, it has shown an increase of 267% in healthcare costs to these family units. [5]
References
- 1 2 3 "Milliman". crunchbase.com.
- ↑ Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2014 Edition. p. 571.
- ↑ "Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2014 Edition". google.ca.
- 1 2 "Milliman & Robertson insures success of others". Puget Sound Business Journal.
- 1 2 Dan Munro. "Annual Healthcare Cost For Family Of Four Now At $24,671". Forbes.
- ↑ "Health Benefits Accounting Change Imperils Profits". highbeam.com.
- ↑ "PIOnline : Subscription Center". pionline.com.