Tag Archives: Cormac Gleeson

How can data science extract value from external data sources?

Traditionally, insurers have relied heavily on data they have collected as well as industry-specific data to inform their business decisions and strategy. However, data science techniques have become more sophisticated, allowing insurers to better understand the relationship between internal and external data sources. Predictive analytics, machine learning, data mining, and artificial intelligence are helping companies extract value from both sources.

In this article, Milliman’s Cormac Gleeson and Eamon Comerford discuss how the use of external data can complement a company’s wider data science initiatives. They also explore some of the challenges posed by working with external data.

Can the financial services industry help address Ireland’s homelessness crisis?

Ireland is in the midst of an affordable housing crisis. Figures published by the Department of Housing, Planning and Local Government show 6,497 homeless adults in late 2019 with a further 3,778 homeless children. In total, 1,721 families were in emergency or temporary accommodation including hotels, bed and breakfasts, hostels, and other temporary accommodation facilities. In addition, a large number of people are in private rental accommodation, relying on local authority assistance in paying rent.

A shortage of housing supply seems to be at the crux of the problem, particularly in the context of increased demand arising from improved economic conditions and an increased number of large multinational employers. Harnessing the power of pooled investment funds could help alleviate this crisis while also potentially providing returns to individual investors.

The proposed pooled investment fund would:

  • Build a portfolio of residential properties, through acquisition and/or development. Initially, it is likely that the focus of the fund would be on purchasing residential properties, but development of suitable residential properties would also be possible over time.
  • Rent those properties on long-term secure tenancies with transparent rules around rental increases either to tenants directly in receipt of the Housing Assistance Payment or directly to local authorities to supplement the local authority housing stock.

In this paper, Milliman consultants discuss the rationale for a pooled investment fund focused on social and affordable housing.

Solvency II annual reporting: Variation analysis templates

Organisations completing their second full year of Solvency II reporting are required to submit four additional reporting templates. These additional templates disclose the change in the excess of assets over liabilities over the 12-month period since the previous set of annual reporting templates were submitted to regulators. In this briefing, Milliman’s Barry Murphy and Cormac Gleeson discuss these templates and provide insight on how to approach them.