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Self-insureds, captives, risk retention groups, and insurance companies depend on Milliman to provide retention analyses. Clients who choose to retain risk believe that in the long run, retaining a portion of the risk oneself is more cost-effective than transferring that risk through the purchase of insurance or reinsurance. For these clients, the optimal retention level will depend on:
Milliman consultants combine sophisticated tools and analytical ability with a deep understanding of the insurance market to help clients identify their optimal retention.
In a recent project, Milliman consultants worked with a large multifacility hospital system. The client wanted to compare the costs of bringing a newly acquired facility into the existing self-insurance program vs. keeping the partner under a separate insurance program.
Milliman evaluated the appropriate risk retention within the pool, and estimated the potential liability insurance cost savings of operating one self-insurance program rather than two. The client used Milliman’s work to determine the optimal program structure, in this case to combine two separate programs and purchase additional insurance coverage.