Leading companies regularly commission our academic experts in order to solve a specific business problem. This can take the form of proprietary or co-produced research.
Proprietary research
Proprietary research is commissioned specifically for the competitive advantage of the sponsor i.e. to help sell products or make a profit. Credible and high level Bayes academic knowledge supports the company's efforts to succeed.
Case study: Barclays Wealth
Barclays Wealth commissioned research from Professor Andrew Clare and Dr Nick Motson to help them understand how and when their customers chose to invest in specific stocks and reject others. The result was a report which found that customers are all too prone to 'buy high and sell low'. This enabled Barclays Wealth to adjust the way in which they launch and present their products to consumers.
Co-produced research
Within this structure, companies outsource and share research or specific topics they are already working on or developing. Bayes academics then work on it alongside companies. There are often opportunities to leverage the commissioned funding to access other government funding.
Case study: Optimal Premium Pricing of Non-Life Insurance
Industry Partners: Aviva, Price Waterhouse Coopers
Bayes academic: Professor Steve Haberman
Aviva and PWC funded a project to help them with pricing their insurance policies. This was topped up with a government grant. The aims of the project were to:
- improve understanding of the dynamics of the non-life insurance market
- evaluate the applicability of the Operational Research methodologies to actuarial problems
- recommend possible strategies for optimal premium setting in the insurance market.
Bayes research led to a model that helped to determine the optimal strategy for the insurance company to choose its premiums in relation to the other insurance companies in the market, using the mathematical technique of optimal control theory.
Access our academic expertise to help solve your business problem by commissioning research.
