Milliman vs Swallow (2026)
These meet in the actuarial market and answer different questions. Milliman is an actuarial consultancy founded in 1947, and this comparison covers its analytics products. IntelliScript supplies life and health underwriters with medical and prescription histories under the Fair Credit Reporting Act (FCRA), and Nodal applies machine learning to claims. The statute does the work: an applicant can see and dispute their own report, a form of recourse pricing and analytics vendors rarely offer. Swallow, founded in 2022, is a pricing workbench that turns a model into a live rating interface, quote form or voice agent, with an AI actuary that builds tested models from a prompt and a filings line certified by a credentialed actuary. It publishes its price, 2,500 pounds a month to start, and names its customers. Both say little about bias and fairness: Milliman runs a model predicting whether a claimant will litigate, and Swallow sells price optimization with no fairness position.
- You underwrite life or health and need applicant risk data. Milliman IntelliScript supplies Irix medical and prescription histories and the Curv suite of predictive models, pulled inside carrier new business workflows at the point of underwriting.
- Statutory recourse for the individual matters to you. IntelliScript operates as a consumer reporting agency, so an applicant can obtain their own report free, dispute any item and trigger a reinvestigation, a form of recourse software vendors in this market rarely offer.
- Your book spans lines and buyer types. Milliman's products serve life, health and property and casualty carriers, reinsurers, self insured employers, third party administrators and government program health plans.
- Claims analytics is the job. Milliman Nodal applies machine learning and language processing to structured and unstructured claims data as a fully managed service, with a published average cost saving of five to fifteen percent.
- You want to price without writing code. Swallow's workbench covers data import and versioning, a visual model builder, automated scenario and impact testing, approvals and audit trails, and publishes any model as a live rating interface, a quote form, a chatbot or a voice agent.
- You want the price before the sales call. Swallow publishes an entry price of 2,500 pounds a month and scales on quotes processed and gross written premium.
- Rate filings slow your launches. Swallow's filings line generates the actuarial memorandum, rate manual, exhibits and rule pages, and a credentialed actuary reviews and certifies before anything is filed.
- You want named peers who launched fast. Customers include Open, Rivr, MGT Insurance, Ouch and ISC, and Rivr's founder is quoted on launching complex life products in weeks rather than months.
This comparison is published by AI FinTech Index, an independent research platform that publishes independent ratings of AI vendors for financial services. Milliman and Swallow are each graded against the same capability taxonomy, from each vendor's own public materials and the regulatory record, under the AI FinTech Index verification standard. No vendor pays for placement, and no vendor has reviewed this page. How this evidence is graded
Plain facts
| Milliman | Swallow | |
|---|---|---|
| Primary category | Insurance AI | Insurance AI |
| Founded | 1947 | 2022 |
| Headquarters | Seattle, Washington, United States | London, United Kingdom |
| Website | www.milliman.com | www.swallow.app |
Side by Side
Select any grade to read the note behind it.
| Axis | M Milliman |
S Swallow |
|---|---|---|
| AI Centrality | ||
| Autonomy and Oversight Model | ||
| Model Risk Management and Transparency | ||
| Operational and Outcome Evidence | ||
| AI Safety and Data Stewardship | ||
| GLBA and Data Privacy Posture | ||
| Security Certifications and Trust Center | ||
| Regulatory Status and Licensure | ||
| AI Governance and Bias Disclosure | ||
| AI Liability and Recourse | ||
| Model Supply Chain Disclosure | ||
| Core Systems and Integration Depth | ||
| Deployment Model and Data Residency | ||
| Commercial Transparency | ||
| Institution and Segment Coverage |
The short version of each
Milliman
Milliman is a global actuarial and consulting firm. Its separately licensed analytics products include IntelliScript, which supplies life and health carriers with medical and prescription histories and predictive models at the point of underwriting, and Nodal, which applies machine learning and language processing to claims data. According to the AI FinTech Index, it documents who it serves in detail. IntelliScript operates as a consumer reporting agency under the Fair Credit Reporting Act (FCRA), so an applicant can obtain and dispute their own report, which gives Milliman a statutory footing on liability, privacy and regulatory standing. Nodal has a published average claims cost saving of five to fifteen percent. The gaps are a litigation propensity model with no fairness testing, a shared database beneath client models with no boundary, and no model supplier or security certification named.
Source: AI FinTech Index, 2026
Swallow
Swallow is a London insurance pricing platform that separates pricing models from application code. It offers a no code model builder, automated scenario testing, and approvals with audit trails, and publishes any model as a rating interface, quote form, chatbot or voice agent. Herbie, its AI actuary, builds tested pricing models from a prompt, and a filings line generates the documents a carrier files, certified by a credentialed actuary. According to the AI FinTech Index, it publishes an entry price of 2,500 pounds a month and names customers including Open, Rivr and MGT Insurance. It also documents who it serves in detail. The gaps are price optimization with no fairness position, no model named behind Herbie, and no data region stated.
Source: AI FinTech Index, 2026
Common questions
What is the difference between Milliman and Swallow?
They sell different things into the same actuarial market. Milliman ships separately licensed analytics products from a global actuarial consultancy: IntelliScript applicant risk data for life and health underwriting and Nodal claims analytics. Swallow is a pricing workbench that separates pricing models from application code and publishes them as live rating interfaces, with an AI actuary and rate filing generation built in. Graded by AI FinTech Index against the same capability axes from each vendor's own published materials, verified September 21, 2026. No vendor pays for placement.
Which is better for building and deploying insurance pricing models?
Swallow is built for it: a no code model builder, scenario and impact testing, approvals, one click rollback and publishing as a live rating interface, with named customers including Open and Rivr. The Milliman products on this page are underwriting data and claims analytics rather than a rating engine, although the firm's actuaries work alongside implementation. Graded by AI FinTech Index against the same capability axes from each vendor's own published materials, verified September 21, 2026. No vendor pays for placement.
How do Milliman and Swallow use AI?
Swallow's Herbie builds a tested, deployable pricing model from a prompt, generates up to a hundred test cases and writes compliance reports and version summaries. Milliman Nodal applies machine learning and language processing to claims data, and IntelliScript's Curv suite predicts unknown risk in groups. Neither names the underlying model provider. Graded by AI FinTech Index against the same capability axes from each vendor's own published materials, verified September 21, 2026. No vendor pays for placement.
Are Milliman and Swallow regulated?
Milliman's IntelliScript operates as a consumer reporting agency under the Fair Credit Reporting Act (FCRA) and appears on the Consumer Financial Protection Bureau's published list, so applicants can see and dispute their reports. Swallow is unlicensed, although its filings line prepares the documents a carrier files, with a credentialed actuary certifying before submission. Graded by AI FinTech Index against the same capability axes from each vendor's own published materials, verified September 21, 2026. No vendor pays for placement.
How much do Milliman and Swallow cost?
Swallow publishes it: 2,500 pounds a month to start, scaling on quotes processed and gross written premium. Milliman publishes no price, tier or basis for any product, routing every inquiry to a contact form. Graded by AI FinTech Index against the same capability axes from each vendor's own published materials, verified September 21, 2026. No vendor pays for placement.
Where does each publish the most, and the least?
Milliman documents who it serves in detail, and its consumer reporting status gives it statutory footing on liability, privacy and regulatory standing. It says little about bias and fairness, how customer data is used or the models it is built on, and names no security certification. Swallow publishes its pricing, names its customers and documents who it serves in detail. It says little about bias and fairness, how customer data is used or the models beneath it. Graded by AI FinTech Index against the same capability axes from each vendor's own published materials, verified September 21, 2026. No vendor pays for placement.
Related comparisons
Other published head to head assessments involving these vendors or their closest peers. The full set for this category is on the Insurance AI page.
Both say little about bias and fairness, and each has a pointed reason. Milliman's claims products include a model that predicts whether a claimant is likely to litigate, which is a prediction about whether a person will assert their legal rights, with no fairness testing or protected class analysis published. Swallow sells price optimization with no fairness position beside it. Both say little about how customer data is kept apart and used.
Milliman's claims product tailors models to each client's data while drawing on its own database, and nothing says whether one client's claims inform another's scores. Swallow's no training claim is stated as an unfalsifiable absolute. Both say little about the models they are built on. Swallow names only its speech synthesis supplier, not the model doing actuarial work or reading filings. Milliman publishes no security certification, where Swallow states one, and neither publishes a data region.