Millennial Specialty Insurance, LLC chooses Milliman Bungalow as its private flood insurance pricing solution to close the flood protection gap
Millennial Specialty Insurance, LLC (MSI), a subsidiary of BRP Group, has selected Milliman Bungalow as its flood insurance rating platform.
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Millennial Specialty Insurance, LLC (MSI), a subsidiary of BRP Group, has selected Milliman Bungalow as its flood insurance rating platform. This insurtech solution aims to bridge the flood insurance protection gap in the U.S., providing a comprehensive product lifecycle approach from design to regulatory compliance. Bungalow is already filed in 40 states with customizable tools and a production-ready rating engine. MSI aims to enhance its private flood suite of products, addressing the complexities of flood underwriting while managing risk and profitability.
Positive
- MSI selected Milliman Bungalow for its flood insurance rating needs, enhancing its private flood products.
- Bungalow offers a comprehensive solution addressing flood insurance from product design to regulatory compliance.
- Bungalow is already operational in 40 states, indicating strong market readiness.
Negative
- None.
Details
News Market Reaction – BRP
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"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
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," said
To learn more about Milliman Bungalow, go to: https://us.milliman.com/en/products/bungalow
Milliman is among the world's largest providers of actuarial and related products and services. The firm has consulting practices in healthcare, property & casualty insurance, life insurance and financial services, and employee benefits. Founded in 1947, Milliman is an independent firm with offices in major cities around the globe. For further information, visit milliman.com.
MSI is a tech-enabled MGA focusing on creating and scaling quality property & casualty insurance products across personal, commercial and specialty lines. MSI is led by entrepreneurs and technology experts with a commitment to innovation, data, profitable growth and providing a best in class experience for all of our stakeholders. MSI serves more than 1 millionclients across the US. For more information, please visit msimga.com.
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