Milliman has been a leader in actuarial consulting since 1947, when renowned actuary and insurance industry veteran Wendell Milliman launched the first actuarial firm in the Pacific Northwest region of the United States. Wendell was later joined by a brilliant young actuary named Stuart Robertson, and together they established Milliman & Robertson—a visionary company that quickly developed into one of the most influential actuarial consulting firms in the United States.
Early on, Milliman and Robertson created a unique corporate culture that valued the independence of its consultants, both from the distractions of outside ownership and the bureaucratic impediments of more conventional business models. Independence, they believed, would promote groundbreaking and unbiased consulting work, which would attract clients looking for innovative solutions and unfettered professional advice. They also felt that such an unconventional and equitable working environment would help them recruit the best minds in the industry. Their experiment was a success and the firm’s reputation flourished.
Milliman’s leadership in the markets it serves is evidenced by its history. From its inception, the firm was a leader in life insurance and pension consulting, and later grew robust healthcare and property & casualty disciplines. In the 1950s, Milliman issued the first health insurance cost benchmarking tool, which continues to be the most respected pricing tool available. In the 1960s, Milliman consultants pioneered new designs for annuities and employee benefit plans and helped devise the first health maintenance organisations (HMOs). In the 1970s, Tom Bleakney and Wendell Milliman literally wrote the book on public pensions. In the 1980s, Milliman developed early pension valuation and financial modelling systems that would become industry standards. In the 1990s, the firm began its global expansion by opening an office in Tokyo, and that expansion has now culminated with Milliman offices in most major cities around the globe. And in the last decade, the firm has eclipsed USD $750 million in revenue while continuing to be an innovation engine for our clients.
Going back as far as Wendell Milliman, the firm’s principals have often served in leadership roles with actuarial organizations, such as the Society of Actuaries, the Casualty Actuarial Society and the American Academy of Actuaries. We have been leaders in enterprise computing since the 1960s, and that leadership continues today as we provide clients with cloud-based solutions for their business problems. While the firm’s roots are actuarial, Milliman now services many other markets and continues to contribute innovations in risk management, predictive analytics and healthcare efficiency.
Today, thanks to the vision of our founders and innovations by succeeding generations of principals, Milliman remains a driving force in the industry we helped define more than sixty years ago.