MSI partners with Milliman
Global consulting and actuarial firm Milliman announced that Millennial Specialty Insurance (MSI), an indirect subsidiary of BRP Group, has chosen Milliman Bungalow (Bungalow) as its insurtech platform for a complete flood insurance rating solution.
Bungalow empowers insurers and MGAs to close the flood insurance protection gap while managing risk and profitability. It addresses the full product lifecycle for flood insurance, from product design, rating, underwriting and capacity management, to feasibility and market strategy, all the way to filing and regulatory compliance.
“Flood is a complex peril to underwrite and price. Milliman Bungalow checked all the boxes for us. The solution was a natural fit for our needs since we launched our differentiated private flood suite of products to fill the massive flood protection gap in the United States.” – Rajiv Mata, Managing Director at MSI.
Bungalow has residential rates filed in 40 states and a commercial offering coming online in the near future. The product brings together the necessary tools needed to get started in a prebuilt yet customizable solution. Out of the box, Bungalow contains actuarially sound loss costs that are customizable to a range of products, a production-ready rating engine, and precise geographic data for pricing and underwriting.
“Insurers and MGAs typically must invest significant resources into developing and successfully introducing a private flood program. Bungalow lowers the costs and uncertainty of market entry while providing a customizable approach for product differentiation.” – Greg Dietzen, a consulting actuary at Milliman.