Milliman

What Milliman does

Milliman is an independent, principal-owned actuarial and consulting firm founded in 1947 and headquartered in Seattle, with offices in more than 14 major cities across 29+ countries. The firm serves insurers, healthcare payers and providers, public and corporate plan sponsors, government entities, and life sciences companies, providing professional consulting services across insurance, healthcare, retirement/benefits, and risk management. Named customers include UnitedHealth Group, Kaiser Permanente Washington, and CalPERS (via the PPO Power-Up program).

Milliman operates a broad technology portfolio alongside its consulting practice. Flagship platforms include Milliman Integrate (cloud-based actuarial modeling and reporting), Milliman Mind (web-based Excel-to-model platform), and MedInsight (healthcare data warehousing and analytics), supplemented by industry-specific solutions such as Milliman Appleseed (P&C rating factors), NAVI (life insurance reserves), VEGA (Solvency II compliance), M-PIRe and MS2 (mortgage analytics), IntelliScript (insurance risk assessment), and Nodal (high-cost claim prediction). The firm maintains technology alliances with Microsoft Azure, Databricks, and Guidewire, and recently achieved ONC Health IT Certification for MedInsight's electronic Clinical Quality Measures.

The business model combines professional services (project-based and multi-year consulting engagements) with subscription-based software licensing across its proprietary platforms, plus research and benchmarking products such as the Milliman Medical Index, Pension Funding Index, and Retiree Health Cost Index. Distribution is predominantly direct, principal-led enterprise sales. Recent strategic moves include acquisitions of Pluritem Health (2024) and MorVest Capital (2025), entry into active ETFs (2026), and expanded AI/ML deployment across consulting and software offerings.

Name

Milliman

Legal name

Milliman, Inc.

Website

https://milliman.com

Company type

Private

Founded year

1947

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Milliman is an independent, principal-owned global actuarial and consulting firm serving insurers, healthcare organizations, plan sponsors, and governments with advisory services and proprietary technology platforms across insurance, healthcare, retirement, and risk management.

Ownership category

akta.pro rank

Product category

Actuarial Consulting and Risk Management

NAICS

Management Consulting Services (54161)

SIC

Services-Management Consulting Services (8742)

akta.pro primary industry

Distressed M&A & Special Situations Advisory (BPAHAOAH)

Keywords

• Actuarial consulting
• Risk management
• Healthcare analytics
• Insurance technology
• Retirement benefits

Headquarters

HQ city

Seattle

HQ country

United States

HQ region

North America

Offices14 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Actuarial and Consulting Services: Professional consulting services provided by actuaries and specialists across insurance, healthcare, retirement, and risk management domains. Revenue is generated through project-based engagements and ongoing advisory relationships with enterprise clients.
2. Technology Software Subscriptions: Subscription-based access to Milliman's software platforms including Integrate, Milliman Mind, MedInsight, and other proprietary analytical tools. Revenue is generated through licensing agreements with enterprise and mid-market clients.
3. Research and Analytics Reports: Publication and distribution of industry research, indices, and benchmarking reports such as the Milliman Medical Index, Retiree Health Cost Index, and Pension Funding Index. These reports serve both as thought leadership and commercial products.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels6 records

Core offering

Milliman is a global actuarial and consulting firm that delivers risk management, benefits, insurance, retirement, and healthcare advisory services to enterprises, governments, and insurers. The firm combines deep actuarial expertise with proprietary technology platforms (Integrate, Mind, MedInsight) and industry benchmarking research to help clients manage complex financial, healthcare, and insurance risks.

Product overview

Milliman offers a comprehensive portfolio of actuarial, consulting, and technology solutions across insurance, healthcare, retirement, and risk management. The product portfolio includes two primary platforms: Milliman Integrate (cloud-based actuarial modeling) and Milliman Mind (Excel-based modeling platform), supplemented by industry-specific solutions including Milliman Appleseed for P&C advisory, MedInsight for healthcare analytics, M-PIRe and MS2 for mortgage risk, and various pension administration tools (FutureCost, Daily Pension Tracker, OPTIC). Additional products span risk assessment (IntelliScript, Nodal, REVEAL), regulatory compliance (VEGA, IFRS 17 tools), geographic insights (PinPoint), and enterprise benefits management (Milliman Connect, Benefit Enrollment). The ecosystem includes technology alliance partnerships with Databricks, Microsoft Azure, and Guidewire for integrated solutions.

Differentiator

Problem solved

Functional benefit

Brands

• Milliman Appleseed: Advisory organization licensed to submit loss costs, rating factors, and risk scores with state insurance regulators across the U.S.
• Milliman Bungalow
• Datalytics-Defense
• Milliman Integrate
• Milliman Mind
• Milliman MedInsight
• Milliman M-PIRe
• Milliman Mortgage Secondary Markets Solution (MS2)
• Milliman Giving Fund
• GAIN (Global Actuarial Initiative)

Products and services

• Milliman Integrate Cloud-based financial modeling and industrialization platform that automates and accelerates actuarial modeling and reporting for insurers.
• Milliman Mind Flexible web-based platform that automatically converts Excel spreadsheets into more powerful models, offering IFRS 17 calculation capabilities.
• MedInsight Healthcare industry-leading platform for data warehousing and healthcare analytics, enabling organizations to improve outcomes, manage costs, and solve healthcare challenges.
• Milliman Appleseed Advisory organization licensed to submit loss costs, rating factors, and risk scores with state insurance regulators across the U.S.
• Milliman M-PIRe Comprehensive mortgage investment platform for evaluating investment opportunities, market trends, and portfolio aggregation for investments and reinsurance.
• Milliman Mortgage Secondary Markets Solution (MS2) Advanced hedging software for mortgage capital markets teams facilitating enhanced risk management and attribution analysis.
• NAVI Life insurance reserve and liability calculation platform that dramatically reduces time required for statutory, tax, and GAAP reserve calculations.
• VoVA Variable annuity valuation tool supporting all types of minimum guarantees against Japanese statutory reserve and capital requirements.
• REVEAL Volatility assessment tool for pension plans, immediate annuities, and deferred annuities with longevity guarantees.
• Milliman Economic Scenario Generator Cloud-native economic scenarios generator providing advanced modeling capabilities for both risk-neutral and real-world applications with integration-ready API.
• VEGA Solvency II compliance tool streamlining Standard Formula SCR and quantitative reporting templates for multi-user, multi-site operations.
• Milliman Bungalow Private flood insurance program including advisory loss costs, risk classification rating factors, and rating rules.
• Datalytics-Defense Litigation cost analytics platform using AI algorithms to detect patterns in attorney billing practices, managing costs and improving claims defense.
• Milliman Connect Benefit enrollment solution with API and EDI data exchange capabilities, streamlining benefits management and enhancing efficiency across operations.
• Milliman PinPoint Geographic rating insights delivered via API to systems at the point of decision for insurers.
• Milliman Pixel Web-based premium comparison tool for identifying new market sectors, pinpointing adverse selection, and making better pricing decisions.
• Milliman Nodal Predictive analytics tool that analyzes claims data to identify those likely to incur high costs, helping optimize management and reduce costs.
• Milliman Insurance Product Development Accelerator Solution for launching modern insurance products faster with expert-built templates, regulatory compliance support, and embedded insurance solutions.
• Milliman IntelliScript Insurance risk assessment tool that combines industry-leading data and analysis to help insurers confidently assess risk.
• Healthcare Inflation ETFs First two active ETFs designed to hedge against rising healthcare inflation costs, targeting institutional investors managing healthcare liabilities and individuals saving for health expenses in retirement.
• Strategic Asset Allocation (SAA) Solution for Life Insurance Strategic asset allocation solution for global life insurance asset-liability management, leveraging Milliman Integrate and Milliman Mind to provide insurers and asset managers with a unified analytical framework for scenario-based analysis.
• Actuarial and Consulting Services Professional consulting services provided by actuaries and specialists across insurance, healthcare, retirement, and risk management domains, delivered through project-based engagements and ongoing advisory relationships with enterprise clients.

Quantifiable outcome

• US P&C insurance industry net combined ratio improved to 92.9% from 96.6%, with Milliman's analysis supporting industry forecasting
• +2 more outcomes

Named customers6 records

Segments5 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

AI capability14 records

Feature7 records

Partnerships

19 partnerships are on record, tiered core, accelerator, solutions, technology alliance and regional.

• United Nations Development Programme (UNDP)coreStrategic or Co-development Partner · 1 September 2022The UNDP-Milliman Global Actuarial Initiative (GAIN) launched in September 2022 aims to grow the actuarial profession and strengthen safety nets in low and middle-income countries. Milliman volunteers support in-country activities including training and mentorship for universities, insurers, and governments. The initiative has expanded to 16+ countries and supports all 17 Sustainable Development Goals.
• Akur8acceleratorTechnology or IntegrationAkur8 offers an innovative actuarial platform leveraging transparent machine learning and predictive analytics for P&C and health insurers' pricing and reserving processes. Partnership through Milliman's Startup Accelerator program.
• Barnett WaddinghamsolutionsStrategic or Co-development PartnerBarnett Waddingham partners with Milliman to provide expert pension, employee benefit, and M&A services to global clients leveraging extensive knowledge of the UK market.
• EcklersolutionsStrategic or Co-development PartnerOne of Canada's oldest actuarial consulting firms dating back to 1927, providing full suite of consulting services including pension, benefits, insurance, investment and technology services. Partners with Milliman for complex insurance challenges in Canada and the Caribbean.
• Normandin BeaudrysolutionsStrategic or Co-development PartnerLeading actuarial and total rewards consulting firm in Canada. As Milliman's exclusive partner on employee benefits services in Canada, they advise clients on pension, savings plans, investment consulting, compensation, health, and group benefits.
• Microsofttechnology allianceTechnology or IntegrationMicrosoft empowers Milliman to achieve more with the Azure platform. Together they have partnered to deliver multiple solutions in the Microsoft Commercial Marketplace, including offers achieving Certified Software Designation.
• Databrickstechnology allianceTechnology or IntegrationDatabricks provides the lakehouse platform combining data warehouses and data lakes for data and AI. Partnership supports Milliman's MedInsight platform and advanced analytics capabilities.
• Duck Creek Technologiestechnology allianceTechnology or IntegrationGlobal intelligent solutions provider defining the future of P&C and general insurance industry. Technology alliance partnership for integrated solutions.
• KatRisktechnology allianceTechnology or IntegrationEmpowers insurers, governments, and financial institutions to anticipate, mitigate, and adapt to natural disasters through strategic insights and cutting-edge technology including precise simulations.
• EpicsolutionsTechnology or IntegrationEpic provides comprehensive, patient-centered health record solution empowering healthcare organizations to deliver value-based care and achieve better patient outcomes.
• MCGsolutionsTechnology or IntegrationMCG, part of Hearst Health, infuses AI with clinical expertise to help healthcare organizations deliver patient-centered care. Partnership supports integrated healthcare solutions.
• Turquoise HealthsolutionsTechnology or IntegrationDedicated to eliminating financial complexities of healthcare through data, contracting, and compliance products, making healthcare prices simple for all.
• Agena.aitechnology allianceTechnology or IntegrationEnables creation and deployment of Bayesian network models as cloud-based apps for thousands of users without programming, integrated into Milliman's technology ecosystem.
• SecureSaveacceleratorTechnology or IntegrationEasy-to-use, low-cost workplace emergency savings solution enhancing employee financial wellness through incentivized automated payroll contributions. Partnership through Startup Accelerator program.
• Wildfire Science & Technology CommonssolutionsStrategic or Co-development PartnerWildfire Commons accelerates technological innovations for wildfire management and mitigation as a community space for data, models, tools, and knowledge.
• LursesolutionsStrategic or Co-development PartnerGerman advisory and solution company focused on compensation, talent, and pensions, managing and administering pensions and optimizing HR systems.
• Nigerian Insurers AssociationregionalStrategic or Co-development PartnerMilliman partnered with Nigerian Insurers Association and UNDP to organize a workshop in Lagos aimed at enhancing actuarial capacity, risk management, stability, and insurance penetration in Nigeria.
• Included HealthregionalStrategic or Co-development PartnerMilliman participated in CalPERS PPO Power-Up program alongside Blue Shield of California and Included Health, reporting first-year results including approximately 68% household engagement and roughly 750,000 touchpoints.
• Insurance Information Institute (Triple-I)coreStrategic or Co-development PartnerJoint analysis with Triple-I on US P&C insurance industry performance, underwriting profitability projections, and market outlook. Provides industry-leading forecasting and research.

Scale indicators5 records

Recent moves7 records

Expansion highlights7 records

Direct peers

• Oliver Wyman: Marsh McLennan management consulting subsidiary with a strong financial services practice that competes with Milliman on insurance strategy, risk modeling, and regulatory advisory.
• Willis Towers Watson: Global advisory, broking, and solutions company with major actuarial consulting, risk, and benefits practices that directly overlap Milliman's insurance, retirement, and risk services for enterprise clients.
• Mercer: Marsh McLennan-owned consulting firm with deep actuarial, health and benefits, and retirement practices that compete head-to-head with Milliman in employer-sponsored retirement and healthcare advisory.
• Aon: Global professional services firm offering risk management, insurance brokerage, and actuarial advisory through Aon Strategy and Technology Group, overlapping Milliman's risk and insurance practices.
• Segal Group: Independent actuarial and benefits consulting firm focused on retirement, health, and compensation, competing directly with Milliman in the U.S. plan sponsor segment.
• Buck Global (Conrad Siegel / Buck): Actuarial, benefits, and retirement consulting firm serving mid-market and enterprise clients with services that overlap Milliman's pension and benefits consulting offerings.

Broad incumbents

• PwC (Actuarial Services): Big 4 actuarial practice competing for insurance, retirement, and healthcare advisory work, with the advantage of integrated tax, audit, and consulting cross-sell not available to Milliman.
• Deloitte (Actuarial & Insurance Solutions): Big 4 firm with a sizable global actuarial and insurance consulting practice offering broader transformation mandates that bundle actuarial work alongside technology and audit services Milliman does not provide.
• EY (Actuarial Practice): Big 4 firm providing actuarial consulting across life, P&C, and health insurance, increasingly competing for the same enterprise risk and compliance engagements Milliman serves.
• KPMG (Actuarial Services): Big 4 actuarial practice with growing insurance and pensions advisory footprint that competes with Milliman for risk, regulatory, and benefits mandates.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/millimaninsight
• LinkedInlinkedin.com/company/milliman
• Instagraminstagram.com/lifeatmilliman

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries42 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A7 records

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Milliman