Milliman Central & Eastern Europe

Lung cancer remains the leading cause of cancer-related deaths in Poland with approximately 21 thousand lives lost annually. Most lung cancers are detected symptomatically at late stages and most patients die within a year or two of diagnosis. National low-dose CT lung cancer screening programs for high-risk patients, dramatically improve survival and shift diagnosis to an earlier stage making these lung cancers highly curable. Pilots of such programs for high-risk patients have been carried out in Poland and intention to introduce a 2025 publicly funded screening program has been included in the National Oncology Strategy for 2020-2030. With the article ‘Cost and effectiveness of lung cancer screening in Poland: A 15-year projection’ our consultants, Bruce Pyenson, Michał Krzemiński, and Monika Lis aim to contribute to the discussion by providing a forecast of screening and follow-up costs and mortality gains due to lung cancer screening program. In the long run the screening program is estimated to bring an average 3.74 extra life-years per cancer case diagnosed. Among individuals screened and diagnosed with cancer 84% were found at stage I or II, compared to individuals not-screened and diagnosed, where 66% were at stage III or IV. #LungCancer #HealthcareInnovation #SolutionsforaWorldatRisk https://lnkd.in/d2ekYCmm

What a rewarding event we had at the Hilton Kozyatağı Hotel in Istanbul! 🌟 We came together to explore IFRS 17, reviewing its journey across Europe and discussing the next steps for Turkey. The agenda included an insightful session on "Overview Comments on IFRS17 Journey in Europe and Next Steps in Turkey," followed by a live demonstration of the MillimanMind platform. We showcased its potential in transforming insurance analytics for IFRS17 and streamlining all Excel-based processes. Special thanks to my colleagues Nicola Biscaglia, Demosthenis Demosthenous and Alina Tcacenco for their expertise and contributions, which made the discussions even more engaging and enriching. It was a pleasure to connect, exchange ideas, and witness the evolution of our industry. Looking forward to more events like these as we continue to innovate and shape the future of insurance!

Artificial Intelligence (AI) is transforming the insurance value chain by enabling more personalised services, generating valuable insights to manage risks and lowering costs. As AI technologies become more mature and widely adopted, there is an increasing need for more regulation and oversight. In response to these challenges, the European Commission has approved the new AI-Act, which aims to create a harmonised regulatory framework for AI in the EU. This article by our consultant Raymond van Es discusses impact on insurance. https://lnkd.in/eSsB5uCc #AI #insurance #legislation

Inflation’ and ‘climate change’ are two themes that will continue to become more complex and interconnected as the global climate story unfolds. At Milliman, we are in the process of developing a sustainability inflation model using causal modelling techniques to explore this problem. Our consultants Adél Drew, FIA, Nick Spencer, Yuliia Maznytsia, Arushi Mittal, Chew Hou Ng, FIA , Ishkar Singh, and Tebogo Khomo shared some thoughts in an August article published on InsuranceERM, an online publication covering risk and capital management in the insurance industry including causal modelling techniques, the Milliman sustainability inflation causal model, key narratives and interconnections from the sustainability inflation model and how governments may respond to productivity and scarcity of resources https://lnkd.in/ezw_acnw #climatechange #inflation #insurance

This report by our consultants Sam Burgess, David Burston, Tatiana Egoshina, Andrew Kirk, Chew Hou Ng, FIA, Stuart Reynolds, Isabel Stansfield, and Lyndsay Wrobel provides a summary of the annual research performed by Milliman consultants which looks at Solvency II based metrics disclosed by a sample of around 20 companies as at year-end 2023 https://lnkd.in/ge3yzHi7 #insurance #solvencyII #metrics

The metaverse has the potential to redefine the insurance landscape including providing virtual personalised user experiences for customers, risk assessments driven by artificial intelligence (AI), immersive training and even insuring the availability of the metaverse or items within it. In this paper our consultants Claire Booth, Ian Penfold, and Monique Mahabir consider potential ways in which insurers could use the metaverse, and the challenges and risks associated with adoption of this new virtual world within the industry. https://lnkd.in/dM3s7jzt #insurance #metaverse #challenges

The working environment of an actuary has experienced significant change in recent years. A move to remote and hybrid working coupled with constantly developing technologies and increased regulatory demands means actuaries face a very different environment from what could have been envisaged even five years ago. This article by our consultants George Harding, Paul Marron, and Ian O’Donnell discusses how these changes may present both opportunities and challenges for actuarial departments and possible actions that can be taken by Heads of Actuarial Function, Chief Actuaries, Chief Financial Officers and others to capture the opportunities and manage the challenges. https://lnkd.in/exD73asB #insurance #actuaries #riskmanagers

For the first time, European-listed insurance firms have published their annual reports for the 2023 fiscal year, incorporating comprehensive information under International Financial Reporting Standard 17 (IFRS 17). A key aim of IFRS 17 is to improve global comparability among firms and to implement a sources-of-earnings approach for assessing performance and enhancing transparency. This analysis by our consultants Demosthenis Demosthenous, Markus Hersche, Dilesh Patel, Jean-Baptiste Sallmann, François Uzan, and Henny Verheugen focuses specifically on evaluating the performance or value creation among 23 insurance companies. https://lnkd.in/ecEY6GpB #IFRS17 #insurance #financialreporting

The world has entered an “Age of Uncertainty,” a period of exceptional fragility and volatility in the global economy. Life insurers have a fresh set of challenges dealing with emerging risks such as inflation and interest rates. In the second in a series of papers, our consultants Tony Dardis, Matthew Ford, Andrew Kirk, Bryan Liu, and Hanbo Zhang turn their attention to how insurers' models performed amid recent economic challenges and consider the implications for management teams. https://lnkd.in/emxzQdHU #insurance #ALM #globaleconomy

Artificial intelligence (AI) has emerged as a transformative technology. Yet despite its numerous benefits and potential to transform the insurance industry, AI poses many risks and challenges, including ethical dilemmas, privacy concerns, and security threats. Understanding these risks is crucial to harnessing AI's power responsibly and effectively. This briefing note by our consultants, Joseph Sloan, Nia Powis, and Joanne Tan explores the potential uses of AI in the insurance industry, the European Union’s AI Act, its scope, and its implications for AI development and deployment, various risks associated with AI, their implications, and strategies to effectively manage these risks. https://lnkd.in/eemXr_q2 #AI #insurance #challenges