NEW YORK, March 9, 2021 /PRNewswire/ -- Montoux, the decision science platform for life and health insurers, recently announced its collaboration with professional services firm Oliver Wyman.
The US long-term care insurance (LTCI) market faces serious challenges. According to LTCG, nationwide long-term care costs exceed $200 billion , leaving LTCI carriers with significant liability. New technologies and data sources provide opportunities to boost capital efficiency, reduce claims exposure, and improve policyholders' lives.
Combining Montoux's decision science platform with Oliver Wyman's deep understanding of LTCI products and existing policyholder datasets, this collaboration enables LTCI carriers to leverage the power of third-party data sources and AI to address existing capital and in-force challenges while improving policyholder value.
"We are excited to work with Montoux as they help LTCI carriers unlock the value of applying third-party data to their in-force blocks. This will likely help identify at-risk policyholders and to better understand their needs and preferences as they age," says Vince Bodnar, Partner and Long-Term Care Practice Leader at Oliver Wyman Actuarial.
"The US LTCI industry is facing significant in-force and capital efficiency challenges that are exacerbated by a low-interest rate environment. Montoux and Oliver Wyman are dedicated to helping tackle these issues and identify opportunities to simultaneously improve capital efficiency and policyholder value," says Montoux CEO Geoff Keast.
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Montoux is the leading decision science platform specifically designed for life and health insurers, enabling them to improve profitability, grow sales, and better understand and serve customers. This powerful platform is grounded in actuarial science, data science, and optimization algorithms that help insurers unlock the value hidden in their data to make high impact decisions they would otherwise be unable to make. Montoux's customers include several of the world's leading insurance providers and the company is rapidly expanding in the US, Australasia, and the UK.
About Oliver Wyman Actuarial:
The Actuarial Consulting Practice of Oliver Wyman has life, healthcare and property & casualty actuaries that advise financial institutions, regulators, and self-insured entities across a broad spectrum of risk management issues. With over 380 professionals across more than 20 offices in North America, the Caribbean, and Europe, the firm's consulting actuaries provide independent, objective advice, combining a wide range of expertise with specialized knowledge of specific risks. For more information, visit www.oliverwyman.com/actuaries .