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Physicians Insurance has partnered with actuarial firm Milliman to apply machine learning to claims-management strategies. The insurer has selected Milliman Datalytics-Defense as its analytics legal-management platform for processing defense-cost invoices.
Milliman Datalytics-Defense uses data-mining algorithms and machine learning to help insurers and self-insureds detect patterns in attorney billing practices. Detecting those patterns can help insurers better understand costs and defense strategies.
“At Physicians Insurance, we seek out forward-thinking solutions that provide value to our members,” said John Domeika, senior vice president of Physicians Insurance. “With Milliman Datalytics-Defense, we’ve gained an innovative claims-handling process that will improve strategies and help us best steward our member resources.”
“To manage and mitigate risk effectively today, it’s necessary to employ tools that take advantage of advanced analytics techniques like data mining and machine learning,” said Chad C. Karls, Milliman principal and consulting actuary. “We look forward to working with Physicians Insurance to help reduce costs and increase transparency in the claims-handling process.”
