Milliman alternatives

3 tools to consider instead of Milliman, shown against it.

Milliman Moody's RMS Akur8 Verisk
Vendor Milliman, Inc. Moody's Corporation Akur8 Verisk Analytics, Inc.
Pricing model Quote only Quote only Quote only Quote only
Free tier No No No No
Deployment Cloud, Self-hosted Cloud Cloud Cloud
Open source No No No No
Best for Actuarial departments at insurers needing specialized reserving, pricing or capital-modeling software backed by consulting expertise. Insurers, reinsurers and ILS investors quantifying catastrophe and climate risk across a portfolio. Pricing and reserving actuaries who want faster, filing-ready model iteration without sacrificing transparency. P&C insurers and reinsurers that need third-party risk data and analytics to underwrite and price policies.
Pricing

Software licensing typically bundled with actuarial consulting engagements; not published.

Pricing has not been verified yet — see the vendor's site.

Enterprise licensing by model peril, region and exposure volume; not published.

Pricing has not been verified yet — see the vendor's site.

Enterprise licensing by insurer and product line; not published.

Pricing has not been verified yet — see the vendor's site.

Data licensing and analytics access priced per dataset, volume and use case; not published.

Pricing has not been verified yet — see the vendor's site.

Features
  • Actuarial modeling for life and annuity products (MG-ALFA)
  • P&C loss reserving and claims triangulation (Arius)
  • Healthcare cost and utilization analytics (MedInsight)
  • Economic scenario generators for capital modeling
  • Regulatory and statutory reporting support
  • Actuarial consulting alongside software licensing
  • High-definition catastrophe models (hurricane, earthquake, flood, wildfire)
  • Climate change scenario and physical-risk analytics
  • Exposure management and portfolio risk aggregation
  • Casualty and cyber risk modeling modules
  • Intelligent Risk Platform for cloud-based model deployment
  • Event response services after major catastrophes
  • Automated, transparent GLM-equivalent rating model generation
  • P&C and health insurance pricing (Akur8 Pricing)
  • Reserve analysis for P&C insurers (Akur8 Reserving)
  • Actuarial modeling for life and pension products (Akur8 Life)
  • Regulator-ready, filing-compliant model documentation
  • Integration with existing rating engines and policy admin systems
  • Proprietary property and casualty claims databases (ISO ClaimSearch)
  • Catastrophe and weather-risk data feeds
  • Underwriting and rating rules content (ISO lines)
  • Auto and property claims fraud and subrogation analytics
  • Predictive scoring models for underwriting risk
  • Regulatory and compliance content for insurance filings

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