Milliman appoints retirement expert to lead retirement strategy and solutions

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Amara Haqqani

Amara Haqqani

Milliman, a global actuarial consulting firm and leading provider of risk management and retirement services, has appointed retirement expert Amara Haqqani as director of strategy and solutions in Australia.

Haqqani has spent close to two decades in financial services including four years at annuities provider Challenger, where she served as senior manager, retirement income policy, and advised chairman of retirement income, Jeremy Cooper.

She was most recently consulting to the Financial Services Council on superannuation, retirement income and funds management policy initiatives, in particular those related to the Productivity Commission’s Superannuation inquiry and the Royal Commission into Banking and Financial Services.

“Australians are retiring with larger superannuation balances than ever before but many people, particularly middle-income earners, still feel uncertainty about what to do with that money,” Haqqani said.

“In a world where many are now beginning to focus on this issue, Milliman has the deep thinking, big data, analytics and technology to actually help people build the retirement they want and to help the industry deliver the products and services that retirees need. I look forward to working with the Milliman team at this important time for the industry.”

Haqqani’s appointment comes at a time of intense scrutiny for the financial services industry as it deals with the fallout from the Royal Commission and Productivity Commission inquiry into superannuation. Meanwhile, the industry is also faced with developing a range of new income-focused products that support the sector’s new objective of providing income in retirement to substitute or supplement the Age Pension.

Milliman Australia practice leader Wade Matterson said building retirement solutions was one of the most complex problems faced by the industry.

“Building retirement solutions requires actuarial, data science, investment management, behavioural finance, communications, and digital skills. Yet, at heart, it is a human problem that requires an understanding of how people act rather than how we expect they should behave. Milliman’s expertise covers all aspects of the retirement value chain and Amara’s appointment further boosts our ability to help the industry create truly tailored retirement experiences.”

Milliman’s services include:

  • The Milliman Retirement Expectations and Spending Profiles (ESP), which uses a variety of big data sources, including the anonymized bank transaction data of more than 300,000 retirees, allowing funds and advisers to better understand the spending patterns of retirees.
  • Risk overlay services, which manages excessive volatility and provides a cushion against extended market downturns. These services are used by a wide range of firms including Colonial First State, Plato Investment Management, BetaShares, Maritime Super and financial planning dealer groups.
  • The Milliman Goals-Based Advice Platform, which brings enterprise-grade algorithms to analyse thousands of scenarios based on clients’ personal financial position and goals. It provides deep insights and allows clients to make informed decisions about competing goals and priorities.

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