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Advanced Analytics
Why It Is Important and
How to Implement Successfully
Max Richter
Managing Director
Accenture Insurance...
2
OF UK&I
INSURERS75%
think AI will significantly
change or completely
transform the industry
over the next 3 years
The nu...
Copyright © 2016 Accenture All rights reserved. 3
Every analytics
business is a cloud
business
Machine learning
changes th...
4
Building a data platform for advanced analytics
Copyright © 2016 Accenture All rights reserved.
5
Copyright © 2016 Accenture All rights reserved.
Agile
Analytics
Business
Interlock
Data
Engineer
Visualisation
Engineer
...
6Copyright © 2016 Accenture All rights reserved.
Max Richter
Managing Director
Accenture Insurance
Matthew O’Kane
Senior M...
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Advanced Analytics - Why It Is Important And How To Implement Successfully

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Despite having very different product lines and target clients, the various segments within the insurance industry are all data-driven businesses with access to enormous quantities of data. However, most of that data, particularly data that is unstructured, remains unused and unexplored. Although maturing technologies are increasing the pace at which data can deliver tangible and actionable value using analytics, the insurance industry’s prolonged focus on traditional capabilities has resulted in a partial failure to take real advantage of advanced analytics. Other industries have far outpaced insurance in terms of analytics capabilities.
It is becoming indisputable, based on events in other industries, that companies which do not use advanced analytics to power their business will fall behind their competitors. With this in mind, insurers must ensure they have built the requisite data, technology and teams to allow them to deliver near-real time, actionable insights to their decision makers throughout the business—thereby unlocking the true potential of their data.

Read More https://www.accenture.com/in-en/insight-advanced-analytics-insurers?src=soms

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Advanced Analytics - Why It Is Important And How To Implement Successfully

  1. 1. Advanced Analytics Why It Is Important and How to Implement Successfully Max Richter Managing Director Accenture Insurance Matthew O’Kane Senior Manager Accenture Analytics
  2. 2. 2 OF UK&I INSURERS75% think AI will significantly change or completely transform the industry over the next 3 years The number of connected IoT devices is growing by 5.5m(and stands at 6.4bn globally) ITEMS PER DAY 79% think automation driven by AI will be seamlessly embedded into every aspect of their business over the next 5 years OF UK&I INSURERS 48% in 2015 came from outside the insurance industry OF GLOBAL INSURTECH INVESTMENT OF UK&I INSURERS34% are investing ‘significantly more’ in deep learning technologies than they were two years ago natural language processing 32% video analytics 38%
  3. 3. Copyright © 2016 Accenture All rights reserved. 3 Every analytics business is a cloud business Machine learning changes the game…from predictive to prescriptive analytics Data needs to be built for analytics … your data warehouse wasn’t built for machine learning
  4. 4. 4 Building a data platform for advanced analytics Copyright © 2016 Accenture All rights reserved.
  5. 5. 5 Copyright © 2016 Accenture All rights reserved. Agile Analytics Business Interlock Data Engineer Visualisation Engineer Product Owner Data Scientist Assembling the right talent to deliver analytics through Agile methodologies Advanced Analytics Business Acumen Communication and Collaboration Creativity Data Integration Data Visualisation Software Development Systems Administration Low Med High
  6. 6. 6Copyright © 2016 Accenture All rights reserved. Max Richter Managing Director Accenture Insurance Matthew O’Kane Senior Manager Accenture Analytics

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