By now, we have all heard about the Internet of Things (IoT), or the Industrial Internet. Across industries, organizations are attempting to instrument and measure all critical business systems and assets in an effort to drive improved production and service delivery. It is estimated that by 2020, companies will spend
Is Iran right that oil is heading for $25? Are OPEC and the International Energy Agency (IEA) right that prices will rebound later this year? The headlines suggest that, whatever the case, oil isn’t ready to recover the enormous value it has lost in recent months. With upwards of a
Big Data is dead. Long live big data. Of course that’s not true. Finding good, relevant data IS important. Having a wide range of analytic techniques and approaches DOES provide competitive advantage. But when data outgrows our ability to simply process it, only analytics give us the ability to extract
In my previous post, I talked about how the Internet of Things promises new ways to use sensor and machine data by creating a highly efficient world that demands constant analysis and evaluation of the state of events across everything that surrounds us. I have also explained why it is
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
It’s that time of year again when we look back and consider how accurately and extensively the SAS story was covered in the media over the past year. It’s not always a simple or predictable story, but it is usually interesting. Consider some of these threads: How did companies or
Over the past decade in insurance, the rise of the aggregators (organisations that compare quotes between different insurers) and direct channels has had a profound impact on personal lines distribution in the UK. However, personal lines brokers remain a critical route to market, especially at a time when many insurers
For many, the contents of the Financial Times or Wall Street Journal are a bit like maps that guide them into battle against their competitors each day. Information on stocks and shares, mergers and acquisitions, and even speculation on how things might pan out in the future can all be
Special Investigation Units (SIU) are extremely process-oriented and follow well-documented procedures to decide when a claim should be referred for investigation and what actions should be taken. Most of the staff are seasoned investigators who may be more inclined to trust their experience and tried-and-true processes than analytical techniques that
“Let’s assume a normal distribution …” Ugh! That was your first mistake. Why do we make this assumption? It can’t be because we want to be able to mentally compute standard deviations, because we can’t and don’t it that way in practice. No, we assume a normal distribution to simplify
