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P 01 ie_value_centricity_2017_09_05_v4

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Data is the new oil and Analytics is the new combustion engine. Analytics functions are catalysts that helps extracts value from Business. In the last decade, firms that have embraced and adopted Analytics successfully have shown a CAGR of 7-15%. Analytics can be treated as either a value center or a cost center. In this talk you will learn how John Hancock has integrated several Analytic projects and turning Analytics into a driver and shaper of strategy. You will get a glimpse into the use and limitations of a construct returning value to the shareholder.

Published in: Data & Analytics
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P 01 ie_value_centricity_2017_09_05_v4

  1. 1. 1 VALUE CENTRICITY Vishwa Kolla Head, Advanced Analytics John Hancock Insurance Show me the money
  2. 2. 2 TOPICS Definition Scenarios Win - Win
  3. 3. 3 VALUE IS … the regard that something is held to deserve; the importance, worth, or usefulness of something.
  4. 4. 4 2001 – 2013 CAGR Revenue (Firm | Industry) Source: 2001 – 2013 Revenue figures from Capital IQ 3% 3% 3% 1% 5% 7% 7% 8% 10% 12% Why? Integrating AI effectively helps create value
  5. 5. 5 Save Money Make Money How? Broadly … Value Creation translates to …
  6. 6. 6 Self Actualization Esteem Love / Belonging Safety Physiological How? In more depth … Abraham Maslow’s Hierarchy of Needs
  7. 7. 7 How? An operating model; Check the quality box before starting a conversation
  8. 8. 8 How can one provider higher value? More Elements More Elements
  9. 9. 9 Higher in Pyramid How can one provider higher value? Higher in the Pyramid More Elements
  10. 10. 10 TOPICS Definition Scenarios Win - Win
  11. 11. 11 Scenarios External Internal
  12. 12. 12 Scenarios External Internal
  13. 13. 13 Today’s perceptions about Life Insurance
  14. 14. 14 “Life insurance ranks at the top of the list of things consumers know they probably should buy, but get no personal enjoyment from whatsoever. There's just no happy way to look at life insurance. In the best- case scenario, life insurance is just another bill to pay. And in the worst case, your family collects the benefits, but unfortunately you're dead.” Source: USA Today, Knowing when you need life insurance, September 19, 2013
  15. 15. 15 Capitalism is under siege. Diminished trust in business is causing political leaders to set policies that sap economic growth … Business is caught in a vicious circle … The purpose of the corporation must be redefined around … CREATING SHARED VALUE Michael E. Porter and Mark Kramer, Jan-Feb 2011
  16. 16. 16 Link
  17. 17. 17 1 264Vs. With more touchpoints, we can serve our customers better Who Who Else? What? What Else? Why? Nudge 30 How Else? Value Elements Annual Touchpoints AI/Analytics Use Cases
  18. 18. 18 Scenarios External Internal
  19. 19. 19 Generally, for AI / Analytics shops, internal value addition is mostly in functional layer IoT Fraud Wellness Reward Redemptio n Severity Morbidity Risk OCR Engines Triage Models Smoker Likelihood Mortality Risk Rules Engine LTQ Stratified APS Summary Scoring Engine Advisor Segmentat ion Goals Based Investing Market Segmentat ion Customer Segmentat in Profiling Tools Survey Analytics 3rd Party Data Web- Scraping Persona Automatio n Text Analytics LT [*] Match Merge Mix Optimizati on Advisor Segmentat ion Channel Strategy Cross- Sell Prospecting Acquisition Nurture
  20. 20. 20 TOPICS Definition Scenarios Win - Win
  21. 21. 21 AI gets a lot of attention and credit 1997 2011 2016
  22. 22. 22 What will yield the best outcome? Smart Human Smart Human Normal Human Normal Human Smart Machine OK Machine Smart Machine OK Machine Weak Process Weak Process Weak Process Strong Process
  23. 23. 23 Turns out, a strong process is far more critical Smart Human Smart Human Normal Human Normal Human Smart Machine OK Machine Smart Machine OK Machine Weak Process Weak Process Weak Process Strong Process
  24. 24. 24 The outcome, though non-intuitive, is remarkable Normal Human OK Machine Strong ProcessSteven Crampton and Zackary Stephen New Hampshire Beat Grand Masters + Machine 2005
  25. 25. 25 Emphasizing Process over Purpose can help leverage AI produce more value “Weak human + machine + better process was superior to a strong computer alone and, more remarkably, superior to a strong human + machine + inferior process.” – Gary Kasprov
  26. 26. 26 D E V E L O P a culture in which an effective process of thinking and learning and testing and learning is emphasized over immediate purpose C O L L A B O R A T E and think creating shared value – be it internal or external customers U N D E R S T A N D who are you serving, how you can serve and in what ways. Shape your value. Shape your value delivery according to your customer Summary
  27. 27. 27

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