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.
People often talk about the customer experience and the engagement model. This is an easier task when a business has regular interactions with its customers like banks and retailers. However, for insurers, this is a challenge. First of all, insurers have infrequent interactions with their customers. When there is interaction,
Let’s go back in time to the summer of 2007. The original iPhone had just been launched. Miley Cyrus was Hannah Montana. The San Antonio Spurs were NBA Champions, and LeBron James was the savior of Cleveland Cavaliers. Insurance Executives were only concerned about legacy replacement systems. On the surface,
Perhaps I should have titled this post, "Riddle me this Batman..." Bam! Zap! etc.... now back to our regular scheduled blog post, where we explore the many lessons that can be learned from one industry to the next. Let's start with one of the easier comparisons: How is an
Kimberly Holmes doesn't want to put any limits on what analytics can accomplish at XL Group plc. As the Head of Strategic Analytics, Holmes recently selected SAS Visual Analytics to help the global insurance and reinsurance operations at XL Group meet that lofty goal. We spoke with her at a recent
Lots of buzz around SAS High-Performance Analytics in the news lately! In case you missed it, here are a couple of great reads: In the latest issue of BAI Banking Strategies, SAS CTO Keith Collins talks about leveraging data with high-performance analytics. He explains that financial institutions need to deploy
After all the Christmas parties and new year dinners are over, many would like to forget embarrassing behavior or over-indulgences of the season. By way of putting all that behind, it’s not uncommon for most to start the year by embracing a sober regime, diet and even a few New
When discussing fraud and abuse, it often (very often) becomes a philosophical discussion of whether aberrant activities are fraudulent or abusive. The quick difference being that fraudulent is intentional and abuse is not. The distinction quickly becomes an issue of legal and illegal as opposed to right and wrong. What
