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Techniques developed at The University of Nottingham (UoN) have enabled organisations to deal with uncertainty in complex industrial and policy problems that rely on the elicitation of expert opinion and knowledge. The statistical toolkit produced for use in complex decision-making processes has been deployed in a wide range of applications. It has been particularly useful in asset management planning in organisations such as the London Underground, government approaches to evidence-based policy, and the Met Office UK Climate Projection tool (UKCP09), which is used by hundreds of organisations across the UK such as environment agencies, city and county councils, water companies and tourist boards.
Our research has been applied directly by Aviva plc. to develop improved products in the general insurance market (e.g. household and car) and in the more specialised area of enhanced pension annuities. As a result, Aviva has become more competitive in these markets and customers are enjoying better value for money. In the case of enhanced annuities, the benefits are in the form of higher pension income for those accurately identified as facing shortened life expectancies. Aviva is the largest insurance company in the UK and the sixth largest in the world.