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Point of Decision Analytics in Insurance

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Point of Decision Analytics in Insurance

  1. 1. Copyright 2015 RESTRICTED CIRCULATION BIG DATA ANALYTICS @THE POINT OF DECISION POINT OF DECISION ANALYTICS FOR INSURANCE
  2. 2. Copyright 2015 RESTRICTED CIRCULATION 2 INDIAN INSURANCE INDUSTRY DRIVING FORCES Analytics - a key enabler KEY INFLUENCERS FY14 USD 72 billion FY20 USD 350 - 400 billion CapitalDigital New players Optimal Portfolio Regulation Data source : Sectoral Report on Insurance, India Brand Equity Foundation, March 2015
  3. 3. Copyright 2015 RESTRICTED CIRCULATION 3 ANALYTICS ≠ REPORTING / BI
  4. 4. Copyright 2015 RESTRICTED CIRCULATION 4 Today • Templatized • Process driven • Focus on pushing information to users • Great tool for a business which has a predictable trajectory • Data Warehouses REPORTING / BI
  5. 5. Copyright 2015 RESTRICTED CIRCULATION 5 • Currently most Insurers use data for monitoring and decisioning from process steps • Assumption is that transaction data at every step help measure the process KPI’s • Actioning on the same will lead to business benefits Data used for decisioning
  6. 6. Copyright 2015 RESTRICTED CIRCULATION 6 Today • Templatized • Process driven • Focus on pushing information to users • Great tool for a business which has a predictable trajectory • Data warehouses Future REPORTING / BI ANALYTICS
  7. 7. Copyright 2015 RESTRICTED CIRCULATION 7 However the world of Insurance is complex and every product line has it’s own environment Need to capture these complex processes and situations at an organization level and harness for decisioning Data NOT used for Decisioning
  8. 8. Copyright 2015 RESTRICTED CIRCULATION 8 Analytics – a potent problem solving tool COMPUTER SCIENCE DOMAIN KNOWLEDGE MATHS AND STATS DATA SCIENCE Benefit of a multi-disciplinary expert team – using data to drill down into a problem
  9. 9. Copyright 2015 RESTRICTED CIRCULATION 9 Business Process Logs Call Detail Records Clickstream Data Sensor Data Database Audit logs Web Access Log Application Logs There is more machine data generated than that from manual data entry !
  10. 10. Copyright 2015 RESTRICTED CIRCULATION 10 THE RISE OF ANALYTICS 3.0 - By Thomas H. Davenport, IIA Research Director Analytics – useful to improve intelligence at - point of decision
  11. 11. Copyright 2015 RESTRICTED CIRCULATION 11 “ANALYTICS” BUSINESS CASES IN INSURANCE Most of what is used today as analytics is in fact advanced Reporting or BI.
  12. 12. Copyright 2015 RESTRICTED CIRCULATION 12 Leveraging Analytics @ Point of Decision – How Heineken does it.
  13. 13. Copyright 2015 RESTRICTED CIRCULATION 13 #INSURANCE ANALYTICS – START SIMPLE
  14. 14. Copyright 2015 RESTRICTED CIRCULATION info@aureusanalytics.com www.aureusanalytics.com @AureusAnalytics www.linkedin.com/company/aureus-analytics #CONNECTWITHUS Thank You!

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