Milliman announced that it has expanded its data science and artificial intelligence (AI) capability by taking on the data science consulting team of Ortec Finance.
The new team, in combination with Milliman’s existing data science competence, will continue to support its current customers with data science consultancy projects in the Benelux to generate value from their structured and unstructured data, and to advise them on their strategic journey to become data-driven. Ortec Finance will concentrate on the use of data science in their software solutions.
“Due to digitization, companies across a wide range of industries see their data volume explode. This, in combination with rapid progress in AI technology, leads to a substantial demand for consulting services in this field. We are at the forefront of the era of AI disruption,” says Raymond van Es, who will serve as Lead Data Science & AI of Milliman in the Benelux.
Peter Franken, Milliman Principal, sees it as an important step in strengthening Milliman’s predictive analytics and modelling capabilities in the Benelux. “Having Raymond and his team joining allows us to accelerate expanding our service offering outside the financial industry as well as our technical capabilities in the area of data science and predictive analytics.”
In May 2018, the first Solvency and Financial Condition reports (SFCRs) were published for year-end 2017. These reports contain a significant amount of data in the Quantitative Reporting Templates (QRTs), including information concerning the company’s performance over the reporting period, system of governance, risk profile valuation basis and capital requirements.
In this report, Milliman consultants provide a summary of SFCRs and the main players in the Belgian market for both life and non-life undertakings. The report focuses on a subset of the largest insurers in Belgium and compares year-end 2017 results with year-end 2016 results in terms of the Solvency Capital Requirement (SCR), written premiums, technical provisions and technical result.
In May 2017, the first Solvency and Financial Condition Reports (SFCRs) were published for year-end 2016. The SFCRs contain a significant amount of information, including details of the company’s performance over the reporting period, systems of governance, risk profile, valuation basis and capital requirements. This report by Milliman consultants is a summary of the SFCRs for the main players in the life, non-life and health insurance business in Belgium, focussing on a subset of insurers in the Belgian market.
An actuary can evaluate the current financial implications of future contingent events, and this enables them to consider actuarial approaches outside the financial industry, as in the nuclear waste sector. In Belgium, Milliman assisted the governmental institute NIRAS, which is responsible for the collection of highly radioactive waste from nuclear power plants. Milliman applied existing life insurance software to project planned cash flows and their security margins and performed market-consistent, risk-neutral valuations as well as real-world projections. Milliman consultant Kurt Lambrechts offers perspective in the April 2016 issue of The European Actuary.