Stuart Rose is the Global Insurance Marketing Manager for SAS. He began his career as an actuary and now has more than 25 years of experience in the insurance industry working for companies in the US, Europe and South Africa. Stuart has written many insurance-related articles and is also the co-author of Executive’s Guide to Solvency II.
In my last blog I detailed the four primary steps within the analytical lifecycle. The first and most time consuming step is data preparation. Many consider the term “Big Data” overhyped, and certainly overused. But there is no doubt that the explosion of new data is turning the insurance business
Advances in technology, evolution of the distribution channels, demographic shift, economic conditions and regulations changes. How does an insurer prioritize all these seemingly competing goals and create sustainable competitive advantage. One answer is analytics. Many insurance companies are just beginning to take steps toward becoming an “analytic insurer” – one
The old adage is that “Data is the lifeblood of the insurance industry.” However, for many insurance companies, data is like the red-headed stepchild. No one is willing to take care or have responsibility for it. In the past, insurance companies have created data governance programs, but these have often
The role of insurance is to bring some predictability, manageability and stability to a chaotic and uncertain world. In essence, it is a risk mitigation tool. The role of the Chief Risk Officer (CRO) is to manage the overall risk strategy for the insurance company. They are responsible for defining
Business analytics is about dramatically improving the way an organization makes decisions, conducts business and successfully competes in the marketplace. At the heart of business analytics is data. Historically, the philosophy of many insurers has been on collecting data, data and more data. However, even with all this data, many
According to analyst firms, consulting companies and various other research, customer experience is the primary priority for insurance companies. But is customer experience overrated? Let’s start by considering the primary interactions between an insurance company and its customers: new business, billing, renewals and claims. Ask any insurance executive, especially property
I cannot speak from experience, but predominately an Insurance CEO has three primary objectives: Grow the business Reduce expenses Ensure compliance. Let’s individually consider each of these objectives in more detail. Grow the Business How does an insurance company grow from a $2bn to a $3bn organization? Essentially, insurance has
Earlier this year, I was speaking with an insurance executive and he said something that turned out to be my favorite quote of 2014: “Premium revenue is like heroin.” While this seems like an unlikely analogy or simile?. The point this executive was trying to make an interesting argument. Insurance
What do the following have in common? A homeowner inflates the value of his home entertainment equipment stolen during a robbery. A parent states they are the primary driver for their child’s car. A doctor charges for a non-existent procedure. A construction company underreports payroll or misclassifies an employee’s duties.
Last week, I was fortunate enough to attend the Insurance Networking News Analytics Symposium. This great event had several engaging speakers. As analytics becomes more prevalent within insurance, it was refreshing to see that many organizations discuss their successes and share best practices in this essential aspect of the business.
