DFA Capital Management Inc. (DFA), a leading provider of enterprise risk management (ERM) software, and Milliman, Inc., a premier global consulting and actuarial firm, today announced that they have joined forces to provide a greater level of insight into the business and financial risks facing Property & Casualty insurers with a new joint solution for economic capital modeling.
Recognizing the increased need clients have for ready access to powerful economic capital models, the companies have combined DFA’s ADVISE™ advanced stochastic modeling software and GEMS™ Economic Scenario Generator with Milliman’s hands-on expertise and extensive consulting experience to create a comprehensive and unique economic capital modeling solution for Property & Casualty insurers. The joint solution will provide clients with the opportunity to augment their in-house resources by utilizing DFA’s whole-company modeling technology, and at the same time draw on the comprehensive experience of Milliman’s insurance industry consultants to help optimize software strategies and investments.
“The combination of DFA’s superior technology with Milliman’s industry expertise gives clients an economic capital modeling solution that is built to solve real business challenges and deliver real business results,” said Andrew P. Johnson, Consulting Actuary and Casualty Practice Director at Milliman. “By joining our complementary capabilities, we’ll be able to both assess a Property & Casualty insurer’s capital needs in the context of their appetite for risk, as well as help them invest their capital more effectively.”
Focusing on property and casualty companies in the U.S., the DFA-Milliman joint solution will enable clients to obtain more predictive results from their economic capital models, enhance compliance with ratings agency and regulatory requirements, and provide greater insight into financial risks. Additionally, insurers will be able to perform in-depth financial analyses across multiple business units, and evaluate thousands of “what if” scenarios and the impact of potential business decisions.
Immediate & Cost Effective Implementation
The technology platform is easy to implement – avoiding the need to hire software developers or dedicate in-house IT resources – and allows insurers to enter data and run models immediately. Faster deployment also enables companies to realize the benefits of effective capital management more quickly and helps them be better positioned in their management of financial risks.
“Economic capital models are only as good as the inputs that drive them,” said Lisa Cash, executive vice president, sales and marketing at DFA Capital Management. “The DFA-Milliman solution will help clients overcome the challenges of determining which data should be used to obtain the most accurate picture of potential risks and rewards, and ultimately help guide insurers in terms of investing their capital strategically, efficiently and profitably.”
About DFA Capital Management Inc.
DFA Capital Management Inc. is the market leader in dynamic financial analysis software for the insurance and financial services industries. DFA’s software-based financial and risk management system is a foundation for competitive advantage for any insurance company with multiple business lines, reinsurance activities, rapidly changing business portfolios, and significant premium volumes.
Founded in 1999, DFA Capital Management Inc. is headquartered in Purchase, N.Y., with offices in Germany and Switzerland.
About Milliman
Milliman is among the world’s largest independent actuarial and consulting firms. Founded in Seattle in 1947 as Milliman & Robertson, the company currently has 49 offices in key locations worldwide. Milliman employs over two thousand people, with a professional staff of more than a thousand qualified consultants and actuaries, including specialists ranging from clinicians to economists. The firm has consulting practices in healthcare, employee benefits, property & casualty insurance, life insurance and financial services. Milliman serves the full spectrum of business, financial, government, union, education and non-profit organizations. For further information, visit www.milliman.com.
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