Montoux and Oliver Wyman collaborating to help long-term care insurance providers unlock in-force management value
NEW YORK CITY (February 2, 2021) - Montoux, the decision science platform for life and health insurers, recently announced that it will be collaborating with professional services firm Oliver Wyman.
The US long-term care insurance (LTCI) market is facing significant challenges in today’s market. With over $200 billion in liabilities, the integration of AI technology and third-party data sources provides LTCI carriers with opportunities to improve their capital efficiency, reduce claims exposure, and improve the lives and well being of their policyholders.
By combining Montoux’s transformational 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-technology in addressing existing capital and in-force challenges while improving value to policyholders.
“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 carriers tackle these issues and identify opportunities to simultaneously improve capital efficiency and, most importantly, policyholder value,” says Montoux CEO Geoff Keast.
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.