A Boom in Actuarial Consulting
In the early 1960s, medical technology advanced rapidly, bringing about a simultaneous rise in medical costs. Concern about covering these costs spurred the development of many kinds of healthcare plans. At the same time, new life and casualty companies sprang up, as labor organizations negotiated health benefits and pension plans. Actuaries were needed to work out the longevity probabilities and incidence of specific illnesses, and provide information and services to the growing insurance industry.
With expansion came the need to specialize. The consultants at Milliman, encouraged to innovate, gradually branched off into different specialties, such as health insurance or pensions, giving the firm further reach. On April 1, 1961, the firm opened its first non-West-Coast office, in Milwaukee, headed up by Bill Halvorson. This was an important step toward Milliman’s dream of having a truly national scope.
Over the years, Milliman and his associates built on the firm’s fundamentals. The model was highly entrepreneurial, giving principals the opportunity to invest in new expansion, either geographically or into new practice areas, and enabling them to benefit from successes while taking on some of the risks.
Wendell Milliman retired from the firm in 1971, replaced by Robertson as chairman and chief executive officer. He died on January 31, 1976, at the age of 70.
In addition to co-founding Milliman, Inc., Wendell Milliman played a significant role in a number of professional organizations, including the American Academy of Actuaries, which he helped form, and the Society of Actuaries, where he served as president in 1969.
Read more about this topic: Wendell Milliman
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