Insurance & data analytics summit workforce science final

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Presentation from Insurance Data & Analytics Summit - April 2014

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Insurance & data analytics summit workforce science final

  1. 1. Insurance & Data Analytics Summit Workforce Science Comes of Age: Big Data - The Human Factor April 24, 2014 – New York Presenters: Pat Saporito, CPCU, International Institute for Analytics Piyush Singh, CPCU, Great American Ins. Co.
  2. 2. © 2011 SAP AG. All rights reserved. 2 Big Data Evolution & Challenges Creating An Analytic Culture Analytic Roles & Skills Conducting a Talent Audit & Talent Assessments Practical Application for Human Capital Management
  3. 3. 1990 20152000 2005 2010 ANALYTICS (CIRCA 1980) PREDICTIVE ANALYTICS (CIRCA 1980) SEMANTICANALYTICS (CIRCA 1980) Analytics Trends: Evolving towards Big Data REAL TIME IN THE CLOUD PERSONAL COMPUTER AND CLIENT SERVER DATABASE (CIRCA 1980) WWW MOBILE SOCIAL B2B / B2C BIG DATA REAL TIME 1,000,000+ SOLD 3,000,000 people had access to Internet worldwide More people have mobile phones than electricity or safe drinking water Facebook: 1 billion users; 600 mobile users; more than 42 million pages and 9 million apps YouTube: 4 billion views per day Google+: 400 million registered users Skype: 250 million monthly connected users
  4. 4. Big Data Challenges Staffing and skills Data Governance Cost Uncertainty on Value of Big Data Unsure of the Technology Requirements Connecting people to information in the moment they need it and in the right experience (bridging the gap)
  5. 5. Nucleus Research, Gartner, Fortune Magazine Analytic Use Will Skyrocket: 2020 vs. 2014 10% 75% Use Analytics Today Need Analytics by 2020 Ability to manage and consume all data is getting harder Not utilizing all the information out there Bottom Line: Not leveraging the power of collective insight Missing new insights IT is not agile enough and the business wants to get involved =
  6. 6. © 2011 SAP AG. All rights reserved. 6 Biggest Barriers to Adoption
  7. 7. © 2011 SAP AG. All rights reserved. 7 New Titles & Roles Data Diva Data Savant Data Super Hero Chief Analytics Officer Analytics Cave Man Not everyone needs to be a Data Scientist… but everyone should be analytically curious, have an analytics mindset and be looking to improve their Analytic IQ!
  8. 8. Creating an Information Culture Use information as a strategic asset in decisions Build and tell fact-based stories Maximize performance with effective use of information Nurture an Analytic Mindset and Analytics Democratization Connecting people to data “ ” The stone age was marked by man's clever use of crude tools; the information age, to date, has been marked by man's crude use of clever tools. Anon
  9. 9. © 2011 SAP AG. All rights reserved. 9 Do you have a strategic approach to BI & Analytics? How are you addressing Culture & People Objectives Business Needs Business Benefit Technology Organization Background and Purpose Current State and History BI Objectives and Scope Summary of BI needs Envisioned To-Be State Priorities and Alignment Value Proposition of BI Expected Benefits – Future State KPI Business Case Information Categories Architecture and Standards BI Applications Governance Structure Program Management Roadmap and Milestones Measurement Education / Training Support User Engagement and Change Management are critical success factors. BI/Analytics Competency Centers are key to driving user adoption & maturity and culture shift
  10. 10. © 2011 SAP AG. All rights reserved. 10 Analytic Value Chain & Users
  11. 11. © 2011 SAP AG. All rights reserved. 11 Best Practices for Improving Your Analytic IQ Step 1: Conduct raw talent inventory (audit), compare with industry benchmarks Step 2: Define skills needed based on goals Step 3: Assess where you are and identify gaps Step 4: Develop a personal development plan Step 5: Evaluate progress and ongoing development
  12. 12. © 2011 SAP AG. All rights reserved. 12 Quantitative Study Findings: Talent Analytics Corp. Raw Talent Mindset of Analytics Professionals • Analytics professionals have a definitive mindset • It is easily measured • Study resulted in an industry benchmark to measure analytics IQ of employees and candidates • Available for businesses to compare their analytical ©2013 Talent Analytics, Corp
  13. 13. © 2011 SAP AG. All rights reserved. 13 Analytic Time Usage, By Role Source: Talent Analytics Corp. Data Preparation Data acquisition, preparation, analytics Programmer Programming, some analytics Manager Management, Admin, Presentation, Interpretation, Design Generalist Little bit of everything
  14. 14. © 2011 SAP AG. All rights reserved. 14 ©2013 Talent Analytics, Corp How does your talent compare to the industry benchmark?
  15. 15. © 2011 SAP AG. All rights reserved. 15 ©2013 Talent Analytics, Corp What is worth to ID the best talent for your analytics strategy?
  16. 16. © 2011 SAP AG. All rights reserved. 16 Best Practices for Changing Culture & Improving Analytic Skills  Hire or Find a Change Leader  Lead by Example, from the Top  Walk the Walk  Define Analytic Skills Requirement in Job Descriptions  Include in MBOs: Set Analytics Objectives & Link to Incentives  Communicate, Communicate, Communicate
  17. 17. Questions? Contact information: Pat Saporito, CPCU Sr. Director, Global CoE for Analytics SAP AG Pat.saporito@sap.com +1 (201) 681-9671 Contact information: Piyush Singh, CPCU Sr. Vice President Great American Ins. Co. psingh@gaic.com +1 (513) 412-3900
  18. 18. © 2011 SAP AG. All rights reserved. 18 Additional Resources Reading Analytics at Work: Smarter Decisions, Better Results. Thomas H. Davenport, Jeanne G. Harris, Robert Morison. Harvard Business School Publishing. 2010. Benchmarking Analytic Talent. Talent Analytics Corp. December 2012. (A research study on analytics professionals. Predictive Analytics: Power to Predictive Who Will Click, Buy, Lie or Die. Eric Siegel. John Wiley & Sons, Inc. 2013. War for Talent. McKinsey & Co. Ed Michaels, Helen Handfield-Jones, and Beth Axelrod. McKinsey & Co., Inc. 2001. The 2020 Workplace: How Innovative Companies Attract, Develop and Keep Tomorrow’s Employees Today. Jeanne C. Meiser and Karie Willyerd. Harper Collins. 2010. Professional Associations: INFORMS (Institute for Operations Research & Management Sciences) www.informs.org Professional organization for cross industry operations research and management professionals. International Institute for Analytics www.iianalytics.com Analytics advisory firm focused on analytics. SIR (Society of Insurance Research) www.sirnet.org Professional organization for insurance marketing, market research and product development professionals.
  19. 19. © 2011 SAP AG. All rights reserved. 19 Pat Saporito Pat is a senior director for SAP’s Global Center of Excellence for Analytics where she helps companies leverage their data and technology investments for improved business performance. SAP is an underwriting sponsor for the Int’l. Institute for Analytics, an analytic advisory research firm. Pat is on the faculty of IIA’s Health Care Advisory Board which includes insurers, hospitals and life sciences companies. Pat graduated from Pace University in New York with a Bachelor of Professional Studies in Information Technology and Risk Management. She holds the CPCU designation and is a past president of the Society of Insurance Research and APIW. Pat has just written a book on insurance analytics, Applied Insurance Analytics, to be published by Pearson, plc/FT Press this summer. Pat was also a contributing author to the IIA book on healthcare and life sciences analytics also published by Pearson.
  20. 20. © 2011 SAP AG. All rights reserved. 20 Piyush Singh Piyush Singh is currently Senior Vice-President/CIO of Great American Insurance Company and Vice-President of its parent company, American Financial Group. He is responsible for creating the vision and direction of Great American’s IT strategy in partnership with leaders within Great American’s business operations. Piyush holds a master’s degree in computer applications from University of Delhi as well as an MBA from Bradley University. He has holds the CPCU designation. Piyush is very involved in the larger community, is quoted frequently in trade magazines and is a regular speaker and panelist at various industry and trade events. Piyush has received the “Elite 8” award from Insurance and Technology in 2005 and 2013 and was one of the “Top 10 CIO Breakaway Leader” at the Global CIO Executive Summit in 2011. Piyush has the travelling bug in him, travels the world with his wife and two boys and loves indulging in photography. He has been to all the seven continents and trekked all the way to the top of Mt. Kilimanjaro

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