Instant insurance, insurance on demand and real-time customer engagement are the buzzwords of the moment. These concepts are also, however, a real breakthrough in the insurance business. They describe new products and services that are strongly oriented to customer needs and follow their evolution throughout the life cycle. These changes
So much debate still rages about Artificial Intelligence (AI) and what it means for the future of society and humanity. While this continues, governments around the world are actively embracing the prospect of transforming their departments into smart digital governments that are able to deliver improved services to organisations and
Fashion and analytics are not obvious partners. However, fashion is a business like any other, and like other businesses, it can benefit from understanding its customers better. Recent experience with one particular high-end fashion retailer suggests that good use of analytics, including predictive modelling, drawing on an end-to-end analytics platform,
Until recently the approach to accounting for insurance contracts was considerably simple. Most of the existing accounting standards do not require any special processing after estimations are made by actuaries and before they are posted in the general ledger. However, with the arrival of IFRS 17, this will definitely change.
You know that feeling as a consumer – that’s great on the one hand but taxing on the other – where you have lots of choice but no clear idea about what choice to make? Well, it’s becoming a bit like that with analytics and how it’s provided. It’s no
For many organisations, open source supports the rapid and agile development of projects and models. New projects enable significant success with fast deployment of analytics projects, and also – importantly – supports a failing fast strategy without having to incur significant infrastructure costs. Deploying open source at the enterprise level
IFRS 9 came into force on 1 January 2018. It is fair to say that the implementation projects have generally taken rather longer than planned, and the long-term impact remains unclear, but broadly speaking, banks can be said to have managed the process reasonably well. However, with implementation costs running
You don’t very often hear about procurement fraud. It’s not really discussed, perhaps because it is often an internal problem, and therefore involves trusted employees and breaches of that trust. In terms of losses, however, it is the second-most important economic crime in the world. The average amount lost in
In my first post I looked at the role of analytics in policing and how analytics could and should be used to benefit modern policing. However, a key point that can be forgotten is analytics is only as good as the data it is based on. It’s vital to have
Retailers around the globe struggle to accurately forecast demand and, more importantly, optimise inventory levels. Consequently, this has a massive effect on bottom-line profitability. My last blog post focused specifically on the problem of “getting the size mix right” that retailers face and how advanced analytical techniques can provide a
