At Bayes Business School, we combine academic excellence with a keen focus on business and the professions to produce internationally recognised research that makes a difference across all sectors of society.
These case studies below provide working examples of Bayes's research output across a wide variety of fields.
Identifying anomalies in national population data
Professor David Blake and his fellow researchers developed methods for identifying and correcting historical anomalies in national population and mortality data.
The work has led to a change of practice at the UK Office for National Statistics (ONS), as well as at pension funds, life insurers, and actuarial consultancies.
Adoption of methods developed through the research has contributed to a reduction in prices charged by insurers for the transfer of pension liabilities, with the resulting benefit of large savings for UK pension funds.
Improving performance and productivity of the pension and insurance industries
Although indicative of social progress, the continued increase in life expectancy in much of the world poses significant challenges to governments, private pension plans, and life insurers, because of its impact on pension and health costs.
The accurate modelling and forecasting of human mortality therefore is crucial to pensions, life insurance, demography, healthcare, and finance.
The researchers developed the R package StMoMo. This implements the most significant mortality projection models, and has been used worldwide to raise confidence in forecasts, and to allow organisations to improve regulation and performance of the pension and insurance industry.
Gaining a greater understanding of how ESG engagement creates value
Professor Gond led a research team that identified insights into how institutional investors' dialogue with companies on ESG issues created different types of value for both parties.
The framework of guidance that resulted from the research has been adopted by the United Nations backed Principles for Responsible Investment (UN-PRI), an organisation comprising 3,000 members and a partner in this research, and has helped leading asset owners, investment firms, and ESG rating agencies transform their work practices.
Improving policies to increase disability employment
This research has helped shape government policies relating to the employment of 7.9m working age disabled people in the UK – including 3.7m people who are not currently in employment.
The research, which was published with fellow academics as part of disability@work, has helped establish apprenticeships targets for disabled people, shaped government targets for disability employment, affected the Disability Confident scheme and pushed for employer mandatory reporting, revised disability employment criteria in public sector procurement, and influenced a disability-inclusive government response to the Covid-19 pandemic.
Advancing the application of 'Expert Leadership'
Research by Dr Amanda Goodall is changing attitudes about the importance of expertise in middle management and leadership.
Dr Goodall dispels comments by UK government minister Michael Gove that ‘the country has had enough of experts’, by proving that organisations led and managed by core business specialists outperform those that are not.
This work has been adopted in healthcare, schools, universities, sports, politics, and engineering, with policy change as a result in the USA, Australia, India, the UK and Denmark.
A major new global capital market for transferring longevity risk – the Life Market
Research on mortality forecasting models, longevity bonds and swaps, and longevity risk hedging has led to the development of the Life Market (LM), a new global capital market for transferring longevity risk from pension schemes and annuity providers to reinsurers and capital-market investors.
The market has helped to reduce the cost of longevity risk transfers, so pension schemes are now paying less to have their members' pensions reinsured, and those members can now have greater confidence their pensions will be paid in full.
Improving strategies for financing recovery from large-scale disasters
Professor Paula Jarzabowski et al.
Environmental disaster and major acts of terrorism lead to economic costs that exacerbate the suffering of the victims.
Our research has introduced novel frameworks and terminology to evaluate the activities of 'Protection Gap Entities' (PGEs) - organisations that provide insurance to cover otherwise unprotected disaster risk.
PGEs, insurance companies, governments, and development agencies around the world have drawn on this research to inform their strategies and evolve their insurance schemes. The result has been improved financial protection against disaster, and a better climate for economic, social, and personal recovery.
A more accurate method of data collection
Innovative use of administrative data enabling local and national organisations to better cost, plan, and deliver services
Professor Les Mayhew & Gill Harper
There is evidence that the official population statistics provided by the national census were inaccurate at local authority level. To address this problem, Professor Mayhew and Gill Harper developed a method involving the use of truth tables for combining different data sources with different population coverage. This offers more a more accurate, flexible, and cost-effective way of producing data than the traditional survey-based census.
The methodology has been applied to education, public health, housing, health and social care, crime, service design, economic evaluation, transport planning, equality impact assessments, investigations into chronic disease and Joint Strategic Needs Assessments (JSNA) for Primary Care Trusts.
To date, over sixty projects, enabled by this ‘Neighbourhood Knowledge Management’ methodology, have been completed for local authorities, healthcare organisations, central government, and the third sector. Thanks to the research, these organisations have gained access to more accurate, detailed, and relevant data which has helped them make better evidence-based policy and planning decisions, and to save money.