INSURANCE INDUSTRY LEADERS LEVERAGING ANALYTICS

INSURANCE INDUSTRY LEADERS LEVERAGING ANALYTICS ACROSS THE ENTERPRISE

If there was any question about the value, importance and level of interest in leveraging business intelligence – specifically analytics – across the insurance enterprise and ecosystem, that question was answered definitively last week in Chicago during the Analytics for Insurance USA event presented by Data Driven Business/FC Business Intelligence.

The sold out, two day event included over 200 senior and executive delegates representing product, underwriting, claims, marketing, information and finance from 35 global insurance carriers and their key supply chain and business partners including global insurance IT services and solutions providers, consultants, NAIC, and a diverse cross-section of insurance information technology, risk management, database and software companies.

The high energy event featured 32 speakers from 12 insurance carriers, 8 other industry experts including a senior representative from NAIC and 10 analytics solution providers. Collectively, this impressive collection of industry leaders delivered 25 highly engaging, informative and valuable presentations which included interactive panel discussions that included extensive, thoughtful and probing audience participation in extended Q&A sessions. The exhibition and networking hall provided conference attendees and exhibitors with many excellent opportunities to meet and discuss established and emerging business intelligence solutions focused exclusively on the insurance industry.

The topics were highly relevant and informative, as expert speakers presented and interacted in sessions which addressed:

• Strategies/tactics for gaining executive sponsorship and implementing analytics initiatives within the insurance organization
• Emerging role and importance of the “Chief Data Officer”
• Using organizational change management to develop data-centered cultures
• Developing strategic focus and capability to leverage analytics company-wide to optimize productivity and achieve corporate objectives
• Using data in the digital era to drive new business models and results
• Fighting fraud and organized crime – the fraudster’s business model
• The growing analytics and data science talent gap, and strategies to address it
• Established and emerging applications of analytics – and success stories – across the insurance enterprise;
  • predicting and preventing a broad and growing range of risks in fraud detection, claim handling and underwriting
  • Delivering superior and profitable customer experiences
  • analytics in effective catastrophe modeling
  • Combining internal and big data to improve pricing, retention, marketing and severity
  • Applying text and data mining analytics to claims, litigation, subrogation and customer communications and engagement
  • Price optimization; uses, benefits, adoption, regulatory issues and predicted direction
  • Leveraging discrete event simulation for business process transformation

This was the second annual Analytics for Insurance USA event and, based on its success, we can expect next year’s event to be even bigger and better. In fact, Data Driven Business/FC Business Intelligence is now also presenting a first-of-its-kind Analytics for Insurance Canada conference in Toronto on May 11/12, 2015 which will feature leading Canadian insurance industry speakers addressing relevant and important topics of specific interest to all participants Canadian insurance ecosystem.