Spring means many things for different people. For some it’s the start of the baseball season; for others it’s daffodils, tulips and azaleas season. For me, spring represents the start of the insurance conference season. This year is no exception, and over the past couple of months I have attended several insurance events.
Kicking off the season, and in this case a few days earlier than the official start of spring, was the Celent Innovation and Insight Day, which I wrote about in this blog. Up next was the SAS Financial Services Executive Summit, and for more about this event read this article. Later in April was the Insurance Data Management Association conference, as well as two Insurance & Technology roundtables on telematics.
A common theme throughout all of these events was data and analytics. However, as I spoke to delegates and customers at these events, they indicated that they are drowning in data but starving for information. Those carriers who have implemented telematics programs are struggling to collect and analyze this explosion of “new” data. Other companies are battling to make actionable business decisions from their existing data. While some insurance executives do not trust the information in their legacy systems and data warehouse, and are considering data governance programs.
To better understand how insurance companies are using predictive analytics, analyst firm Strategy Meets Action launched a survey on the analytical lifecycle and operationalizing analytics. The results of this survey will be available later in the summer.
Finally, rounding out the season was the ACORD / LOMA conference in Las Vegas. SAS was fortunate to have three SAS customers speak at this event. Brett Starr from Cincinnati Insurance entertained the audience on the topic of creating an analytical sandbox with some great quotes including: “actuaries are the Wal-Mart of data” and “insurers must be data gymnasts with the flexibility to stretch data in many different directions”. Mike Rowell spoke about how Alfa Mutual is using data to better understand customer loyalty and calculate customer lifetime value. Finally AXA Equitable’s Matt Christensen talked about how his organization is better serving their customers by using speech analytics to analyze the information in their call centres.
Spring is seen as the season of re-growth, and based on the optimism from these events, insurers are also sensing growth and expansion in their future.