Global consulting and actuarial firm Milliman launched a new suite of flood InsurTech products that offers a comprehensive solution for startups, carriers and MGAs looking to enter the private flood insurance market.
The new products include Milliman Bungalow, a complete flood insurance solution, Milliman PinPoint, an easy location-based rating intelligence, and Milliman Appleseed, an advisory organisation licensed to submit regulatory pricing filings in 38 states and counting.
Together, the suite of products, along with Milliman’s extensive flood expertise, will provide a one-stop shop for insurers looking to enter the growing private flood insurance market.
Commenting on the new launch, Milliman Consulting Actuary David D. Evans said, “To roll out a private flood offering successfully, insurers must invest significant resources to address the evolving market and regulatory uncertainty. Milliman’s suite of products – built by some of the foremost experts on flood insurance – accelerates the process by reducing the risks and costs of market entry while also providing a bespoke approach for product differentiation.”
Milliman’s Bungalow, PinPoint, and Appleseed flood suite includes pricing, GIS location data, and regulatory forms and filings geared toward easy rollout for startups, MGAs and carriers
Wright National Flood Insurance Services, LLC Senior VP of private flood James R. Watje tapped Milliman to help Wright Flood develop and grow its private flood insurance business, which is now available in an ever-growing number of states. He said, “We chose Milliman based on their deep flood expertise and our comfort with the quality of this team and its leadership. We knew they – like us – were committed to making our private flood program succeed.
“As a flood insurance provider and distributor, our vision of success is that for every real estate transaction in the US — whether buying, selling, or refinancing — flood insurance should be offered as a product that’s available to protect that property.”
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