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Welcome to Milliman India

Milliman has offices in Mumbai and New Delhi. We work in the areas of health insurance, employee benefits and life insurance. We focus on embedded valuation, BAU outsourcing, IPOs, M&A, data analytics, and pricing and capital management.
Research Report

2022 embedded value results: Asia

Insurers reported mixed embedded value (EV) results across Asia in 2022, increasing their investment return and discount rate assumptions, given higher bond yields.


Overcoming the risks of actuarial outsourcing

Well-managed actuarial outsourcing offers a viable solution to meet the increasing demand for actuarial resources.



Using a multidisciplinary approach to tackle the operational and strategic challenges of IFRS 17.

Featured product


Powered by the MedInsight Data Confidence Model, MedInsight bridges the gap between cost management and care management.

Research report

The feasibility of using machine learning techniques for health insurance pricing in India

For India’s health insurance industry, application of machine learning techniques will help optimize marketing strategies, boost income, and reduce costs.

Featured Products

We’re driving the future with our analytics and modelling technologies

Digital health and wellness

Milliman RapidHRA

Gain powerful insights into the health and risk profile of your employees—and give them the ability to monitor their own health and wellness. Flexible, secure, and cloud-based MillimanHRA provides objective, in-depth intelligence for better health.

Insurance risk assessment
Claims processing and data analysis

Milliman Health ClaimsRef

Reduce errors and improve cost savings with standardized, consistent claims processing tools.

Healthcare analytics
Healthcare analytics


Adopt the healthcare industry’s leading platform for data warehousing and healthcare analytics.

Predictive analytics
Economic Scenarios Generation

Milliman Economic Scenario Generator

The Milliman Economic Scenario Generator is a cloud-native economic scenarios generator that provides advanced modelling capabilities for both risk-neutral and real-world applications. The Milliman Economic Scenario Generator delivers secured regulatory compliance as well as production efficiency through its reactive web interface and integration-ready API.

Software performance enhancement
Financial Modeling Platform with Excel language

Milliman MIND

Milliman Mind is a flexible and easy-to-use web-based platform which automatically converts Excel spreadsheets into more powerful models.

Goals based modeling
Goals-based modelling

Goals-based Advice Platform

The Goals-Based Advice Platform uses Milliman’s decades of actuarial expertise modelling risks for global insurance companies and applies it to retail investors.

Thought leadership from Milliman offices across Asia

Subscribe to Milliman Asia e-alerts to receive the latest research reports, papers and updates on regulations relevant to the region.

key consultants

Meet some of the key consultants in India

Philip Jackson headshot

Philip Jackson

Principal and Consulting Actuary

Philip is a consultant in our life insurance practice, based in Mumbai. He supports our projects in India and the Asia-Pacific region. Philip is one of the key members of Milliman Asia IFRS 17 working group, working primarily on with-p...

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Shamit Gupta

Principal and Consulting Actuary

Shamit is a Principal and Consulting Actuary in our life insurance consulting practice in India and is based in New Delhi. He joined the firm in 2010.

Heerak Basu headshot

Heerak Basu

Principal & Consulting Actuary

Heerak is a consulting actuary with our life insurance consulting practice in India and is based in Mumbai. He joined the firm in 2018. Having worked in, and consulted to the Indian life insurance industry for more than 20 years Heera...

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Richard Holloway

Managing Director, South East Asia & India Life

Richard is the managing director of Milliman's South East Asia and India life consulting businesses, based in Singapore. Richard is well known across the region, having been working as a consultant in the region since 1995. He joined t...

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Subhash Khanna

Principal & Consulting Actuary

Subhash Khanna is a consulting actuary with Milliman’s life insurance consulting practice in India and is based in New Delhi. He joined the firm in 2015.

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Lalit Baveja

Principal & Sr. Healthcare Management Consultant

Lalit Baveja is a senior health care management consultant at Milliman’s India office and leads the clinical team. He joined the firm in February 2007.

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Vandana Bhardwaj

Principal & Sr Vice President, MedInsight

Vandana Bhardwaj leads the overall management, P&L responsibility, operations, technical services, and product development functions for Milliman’s MedInsight® Practice in India. She joined the firm in 2005 and helped bui...

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Rachin Aggarwal

Principal & Senior Consultant

Rachin Aggarwal is a principal and senior consultant in our New Delhi Health and Property and Casualty Practice. He joined the firm in 2008.

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Leena Chakma Laloo

Principal & Sr. Healthcare Management Consultant

Leena Laloo is a senior healthcare management consultant with the New Delhi office of Milliman. She joined the firm in 2007

Abhishek Agrawal headshot

Abhishek Agrawal

Sr. Healthcare Management Consultant

Abhishek is a senior healthcare management consultant at Milliman’s India office. He leads health data analytics projects for Milliman clients in India and globally. Abhishek started working at Milliman in India in 2005. He ventured ou...

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Sudhanshu Bansal


Sushanshu is a medical doctor, currently working as a senior healthcare and management consultant in Milliman’s India office. He joined the firm in January 2007.

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Joanne Buckle

Principal and Consulting Actuary

Joanne Buckle is the lead consultant in the Milliman London Healthcare Practice. She has been at Milliman since 2001, including 18 months in the New York City office.

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Mark Whatley

Consulting Actuary

Mark is a consulting actuary in Milliman's Singapore office. He joined Milliman in 2017. Mark provides independent and objective consulting advice on employee benefits to multinationals, local companies and government-linked organisati...

We’re here to help

Ask the tough questions. We’re ready for them.

We’re here to help

Ask the tough questions. We’re ready for them.

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