Milliman is a global actuarial firm it's been providing risk management services to large international institutions since 1947.
We began life in the Australian market in 2005 and at that point in time we really started by working with institutions to help them develop products for the retirement market, really focusing on how retirees can manage a whole range of risks they begin to face such as market risk, longevity risk and others.
However having done that for a number of years we started to identify that there are a range of other issues that really needed the type of expertise a firm like ours had.
So we began to look at a range of different things; firstly we began by looking at how advice was given and the sorts of analytics and the powerful analysis that could be used to support advisers as they try to understand the nature of the problem. And try to fix and provide solutions to their retiree clients.
As we begun to do that we also discovered there are a range of other things that needed to be solved to help advisers and their clients understand the range of problems and situations their retiree clients were facing.
So then two years ago we actually began looking at how retirees lived their lives. We did this by looking at large data sets so the data sets included things like banking and transaction records, property data and grocery basket information. Really with a clear purpose to understand how retirees lived their lives, from there we could quantify the types of issues they faced and the risks that were posed to those types of retirement lifestyles; with an ultimate objective to designing better investment solutions and products to help support retirement lifestyles.