The effective use of data is so important to every insurance business — especially as big data and analytics are seen as a “silver bullet” for transformation. But to get on this transformative journey, your approach to data in your business may have to change. The traditional view of data focuses mainly on data collection and storage: how to collect, store, access and arrange the data, with rules and procedures to achieve this.
There is a tendency to separate data from analytics. If you think of data analytics, the image may be of the hard-pressed team of analysts and IT specialists, working to tight deadlines, “mining the data” to deliver the core reports that the business needs.
If any of the above rings true, you may need to change your mindset. First, for data collection and storage, the cloud has revolutionized the way data is stored, accessed and managed, offering high capacity and high availability, all typically on a pay-as-you-use basis. Historically, this is where much of the investment in this area went. But with the cloud, the burden has lifted as businesses now do not need to become experts in data storage or to plan, build and manage data centers, which were seen as critical in-house infrastructure in the past.
This is a taster of an article published in the latest edition of EXPOSURE magazine. For the full article click here or visit the EXPOSURE website.
There has been much industry focus on the value of digitization at the customer interface, but EXPOSURE magazine asks industry thought-leaders, what is its role in risk management and portfolio optimization? How can we help teams on the underwriting frontline?
For Louise Day, director of operations at the International Underwriting Association (IUA), a major issue is that much of the data generated across the industry is held remotely from the underwriter.
The wait is over, and we are excited to welcome delegates from around the globe to one of our largest-ever Exceedance conferences. We really appreciate everyone who has joined us in Miami, whether this is your first visit to Exceedance or if you are one of our faithful attendees. We know the commitment it takes to participate in events such as Exceedance, so the event schedule between now and Thursday lunchtime is designed to maximize your time, offering an opportunity to immerse yourself in next-generation modeling, analytics, technology, data science, and more.
Welcome to the first in a series of informative blogs leading up to Exceedance 2018, May 14 – 17.
Preparations are well under way for this year’s event, which will be held at the InterContinental Miami — set on the Biscayne Bay waterfront in the heart of downtown’s thriving financial and business district.
How does the cloud feature in the transformation plan for your business?
If you are a business leader in your organization, perhaps the “cloud” and your cloud strategy has been something left to the IT professionals who are responsible for managing your IT infrastructure.
But as a business leader, you are responsible for setting the transformation agenda in your organization. Across the board, many (re)insurers take advantage of the opportunities presented by digitalization. From online sales and advanced analytics to the Internet of Things — transformation is inevitable. Your ability to compete and secure future wins depends on how well your organization capitalizes on “big data” to balance speed to market, customer delight, and technology costs. Without the cloud, there is no big data.