Analytics is a two-sided coin. While on one side, it uses
descriptive and predictive models to gain valuable knowledge from data, i.e. data analysis, on the other side, it provides insight to recommend action or guide decision making, i.e. communication
Unbundling the Insurance Value Chain - Disruption in the Insurance Sector - The 7th. International Istanbul Insurance Confrence - Prof. Dr. Selim YAZICI (2016)
Modernizing the Insurance Value Chain: Top Three Digital ImperativesCognizant
As nontraditional companies enter the insurance scene and insurtechs launch novel products, incumbents need to accelerate innovation and differentiate the customer journey to remain in the game. Here are three strategies to achieve these goals, with a brief look at a few companies well on their way.
Please find here our first Insurance Review on Digital Disruption of the Insurance sector. We've put together the best, most shared and liked articles on this topic. All articles have been published before on our Financial Services blog
Unbundling the Insurance Value Chain - Disruption in the Insurance Sector - The 7th. International Istanbul Insurance Confrence - Prof. Dr. Selim YAZICI (2016)
Modernizing the Insurance Value Chain: Top Three Digital ImperativesCognizant
As nontraditional companies enter the insurance scene and insurtechs launch novel products, incumbents need to accelerate innovation and differentiate the customer journey to remain in the game. Here are three strategies to achieve these goals, with a brief look at a few companies well on their way.
Please find here our first Insurance Review on Digital Disruption of the Insurance sector. We've put together the best, most shared and liked articles on this topic. All articles have been published before on our Financial Services blog
Insurance Industry Trends in 2015: #1 Big Data and AnalyticsEuro IT Group
By implementing customized big data solutions, Euro IT Group can help you unlock the tones of information already flowing through your organization, analyze it, extract value and transform it into insight that drives growth and revenue.
MioSales Banca is an AI sales platform for financial institutions, distributors, banks, and brokers for enabling next-gen sales, lead, marketing & engagement
The banking industry is data-demanding with acknowledged ATM and credit processing data. As banks face increasing pressure to stay successful, understanding customer needs and preferences becomes a critical success factor. Along with Data mining and advanced analytics techniques, banks are furnished to manage market uncertainty, minimize fraud, and control exposure risk.
The advent of ‘big data’ has completely changed the way businesses can harness the information about customers to make powerful business decisions. Data could be of any type – campaign information, customer demographics, individual transaction behavior, interactions on social networks, web usage, or satisfaction surveys etc. BRIDGEi2i has the ability and experience to mine this wealth of unstructured and structured information to help businesses identify prospects, target them through the right channel, maximize cross sell and up-sell opportunities and thereby enhance the life time value of customer relationships. To know more visit: http://www.bridgei2i.com/customer-intelligence.html
Listen to an experienced, global panel of insurance professionals present, discuss and answer your questions on the theme of “Data & Analytics from a Life & Health perspective”.
Brought to you by The Digital Insurer and sponsored by KPMG.
Future-Proofing Insurance: Deepening Insights, Reinventing Processes and Resh...Cognizant
Insurance carriers face an imminent sea change in how their mission-critical processes remain efficient, agile and innovative. Ensuring relevance in the future requires redefined business models fueled by heightened productivity across fibusiness as usualfl activities.
Insuring the insurance business with actionable analyticsWNS Global Services
The Insurance Industry is faced with a myriad of challenges such as a need to manage costs better, keep update with stringent regulations and the ever increasing demands from consumers. Analytics can play a vital role in assisting Insurance Executives navigate the technical and operational complexities to accelerate the growth of the industry.
Covering key aspects like Reporting, Descriptive or the advanced Predictive and Prescriptive analytics, this Whitepaper “Insuring the Insurance Business with Actionable Analytics” examines a complete view on how analytics can transform the insurance business to create value for all stakeholders.
Digitizing Insurance - Transforming Legacy Systems to Adopt Modern and Emergi...RapidValue
This paper explains how insurers can use the digitization (digitalization) opportunity to deliver greater value to their customers. It is also, revealed how the companies can gain competitive advantage. Insurers are able to engage more intensely with the existing customers and also, attract newer customers with the help of innovative products. Digitizing improves profitability and facilitates growth.
Customer Experience Transformation In Insurance Vizolution
Customer experience in today’s insurance companies at best, is broken. However there is no doubt that it is on the agenda. Download our white paper and learn why customer experience can deliver a long term competitive advantage for your business. Visit www.vizolution.co.uk/insurancewhitepaper for your complimentary download.
Employing Analytics to Automate and Optimize Insurance DistributionCognizant
Today's insurers have the opportunity to employ advanced analytics to automate and optimize distribution, analyze and track customer patterns, enhance marketing campaigns, better manage agents and deliver more value to the business and its customers.
Life Insurance industry has been witnessing low persistency (a policy's ability to be active and sustained premium payment)rate hence the proactive need for customer retention and maximizing renewal premium collection and need for monitoring the performance of intermediaries and agents could gain immense value from deriving highly usable recommendations.
The need for such inferences, importantly in a timely basis can't be more important than now as the rightful and the revised guidelines by the regulator ensures the need to minimize wrong selling, increased persistency and performance of all the stakeholders in Life Insurance to make business a flourishing one.
How did the evolving need of the industry coupled with constant change in market and competitive landscape was married and focused approaches were espoused through with tangible benefits on Customer Value Retention and Maximization & agent's performance improvement were met.
What are the recommendations from Sameer to individuals & enterprises who intend to devise their Analytical Vision for their respective organization, what are the areas to be considered before embarking such a journey
.
Insurance Industry Trends in 2015: #1 Big Data and AnalyticsEuro IT Group
By implementing customized big data solutions, Euro IT Group can help you unlock the tones of information already flowing through your organization, analyze it, extract value and transform it into insight that drives growth and revenue.
MioSales Banca is an AI sales platform for financial institutions, distributors, banks, and brokers for enabling next-gen sales, lead, marketing & engagement
The banking industry is data-demanding with acknowledged ATM and credit processing data. As banks face increasing pressure to stay successful, understanding customer needs and preferences becomes a critical success factor. Along with Data mining and advanced analytics techniques, banks are furnished to manage market uncertainty, minimize fraud, and control exposure risk.
The advent of ‘big data’ has completely changed the way businesses can harness the information about customers to make powerful business decisions. Data could be of any type – campaign information, customer demographics, individual transaction behavior, interactions on social networks, web usage, or satisfaction surveys etc. BRIDGEi2i has the ability and experience to mine this wealth of unstructured and structured information to help businesses identify prospects, target them through the right channel, maximize cross sell and up-sell opportunities and thereby enhance the life time value of customer relationships. To know more visit: http://www.bridgei2i.com/customer-intelligence.html
Listen to an experienced, global panel of insurance professionals present, discuss and answer your questions on the theme of “Data & Analytics from a Life & Health perspective”.
Brought to you by The Digital Insurer and sponsored by KPMG.
Future-Proofing Insurance: Deepening Insights, Reinventing Processes and Resh...Cognizant
Insurance carriers face an imminent sea change in how their mission-critical processes remain efficient, agile and innovative. Ensuring relevance in the future requires redefined business models fueled by heightened productivity across fibusiness as usualfl activities.
Insuring the insurance business with actionable analyticsWNS Global Services
The Insurance Industry is faced with a myriad of challenges such as a need to manage costs better, keep update with stringent regulations and the ever increasing demands from consumers. Analytics can play a vital role in assisting Insurance Executives navigate the technical and operational complexities to accelerate the growth of the industry.
Covering key aspects like Reporting, Descriptive or the advanced Predictive and Prescriptive analytics, this Whitepaper “Insuring the Insurance Business with Actionable Analytics” examines a complete view on how analytics can transform the insurance business to create value for all stakeholders.
Digitizing Insurance - Transforming Legacy Systems to Adopt Modern and Emergi...RapidValue
This paper explains how insurers can use the digitization (digitalization) opportunity to deliver greater value to their customers. It is also, revealed how the companies can gain competitive advantage. Insurers are able to engage more intensely with the existing customers and also, attract newer customers with the help of innovative products. Digitizing improves profitability and facilitates growth.
Customer Experience Transformation In Insurance Vizolution
Customer experience in today’s insurance companies at best, is broken. However there is no doubt that it is on the agenda. Download our white paper and learn why customer experience can deliver a long term competitive advantage for your business. Visit www.vizolution.co.uk/insurancewhitepaper for your complimentary download.
Employing Analytics to Automate and Optimize Insurance DistributionCognizant
Today's insurers have the opportunity to employ advanced analytics to automate and optimize distribution, analyze and track customer patterns, enhance marketing campaigns, better manage agents and deliver more value to the business and its customers.
Life Insurance industry has been witnessing low persistency (a policy's ability to be active and sustained premium payment)rate hence the proactive need for customer retention and maximizing renewal premium collection and need for monitoring the performance of intermediaries and agents could gain immense value from deriving highly usable recommendations.
The need for such inferences, importantly in a timely basis can't be more important than now as the rightful and the revised guidelines by the regulator ensures the need to minimize wrong selling, increased persistency and performance of all the stakeholders in Life Insurance to make business a flourishing one.
How did the evolving need of the industry coupled with constant change in market and competitive landscape was married and focused approaches were espoused through with tangible benefits on Customer Value Retention and Maximization & agent's performance improvement were met.
What are the recommendations from Sameer to individuals & enterprises who intend to devise their Analytical Vision for their respective organization, what are the areas to be considered before embarking such a journey
.
Insurance industry trends 2015 and beyond: #4 Telematics Euro IT Group
Telematics explained
Telematics use cases
Telematics drivers
Changes in the insurance industry
Deploying cloud computing in insurance
What can be done by using vehicle OBD?
Smartphone applications for telematics & challenges
Specific use case
Visibility - How to Attract the Modern Insurance ConsumerRyan Hanley
Attracting the modern insurance consumer has everything to do about message and almost nothing to do with tactics or strategy. In this new presentation, we discuss the concept of "Visibility" and message. Attendees learn how to harness the power of storytelling, content marketing and audience building to generate new business revenue for their agency.
Insurance organizations will have to transition to digital enterprises to remain competitive and profitable in this age of constant disruption. While the ultimate goal of insurance — providing financial stability and protection for customers at various stages of their lives — will always remain, how insurers achieve this goal will evolve constantly. Repositioning for this new normal must be looked upon as an opportunity and not as a threat, since digitizing the enterprise can help drive efficiencies and innovation, use data more effectively and create newer and better business models. Insurers have the opportunity to extend their portfolio into newer adjacent eco-systems —tying up with auto companies to use vehicle telematics to create new insurance products based on shared data is just one example.
Technology is a key enabler in the transition to a digital enterprise, and insurers must invest in a robust business and technology architecture with the relevant tools to create an agile and flexible organization. Insurers can use the digitization opportunity to deliver greater value to their customers and gain competitive advantage, engaging more intensely with existing customers and attracting newer customers with innovative products, improving both profitability and growth. Based on our experience in digital insurance enterprises transformations, we have developed this presentation to debunk some of the myths around such transformations, and delineate the USER approach developed to help companies metamorphose into digital insurers of the future.
Harnessing the data exhaust stream: Changing the way the insurance game is pl...Accenture Insurance
Vast new data streams create opportunities for insurers to identify and act upon hidden insights, but they also open the door for new business models and competitors.
Data-driven insights make it possible to create new products and new revenue streams, typically in partnership with players from outside the industry.
Harnessing external data is a complex undertaking, but insurers can start by developing a comprehensive plan and then undertaking specific, high-return initiatives that build momentum and help transform the enterprise into a winning competitor in the new digital arena.
Harnessing the data exhaust stream: Changing the way the insurance game is pl...Accenture Insurance
Learn how external insurance data and analytics is changing everything, from pricing risk to interacting with customers. Read more: https://www.accenture.com/us-en/insight-harnessing-external-data-stream
2014 Property & Casualty Insurance Industry Outlook: Innovation leading the wayDeloitte United States
On the surface the property and casualty sector appears to be doing quite well, but running an insurance carrier is rarely smooth sailing. The last few years have been particularly difficult for those occupying C-Suite positions, as more fundamental issues are threatening not only short-term results on their balance sheets, but challenging the long-term viability of their operating models as well.
For example, a growing number of insurers are facing significant organizational disruption. Many have made large-scale investments in technology, replacing core systems for claims, policy administration and finance. Their chief challenge now is how to effectively leverage the new systems they’ve put in place and maintain their momentum with additional innovations in personnel, products and culture.
Additionally, ongoing political gridlock in Washington could undermine an already unsteady economic recovery. Not to mention regulatory uncertainty that makes it difficult for carriers to plan ahead and determine operational priorities.
Innovation may ultimately be the key to keep insurers growing regardless of shifting economic and insurance market conditions, as they devise ways to thwart ongoing and emerging competitive threats as well as capitalize on new opportunities.
For more - visit http://www.deloitte.com/view/en_US/us/Industries/Insurance-Financial-Services/039bdd0819e23410VgnVCM3000003456f70aRCRD.htm
To meet customers’ needs and deliver profitable growth, insurers must embrace the potential of digital underwriting. Ninety percent are investing in the function, but are they making the right investments? This report proposes a practical plan to set underwriters on the path to digital transformation. It includes the attributes they need, how they can make better use of analytics, and new technologies worth considering.
Stand on the Sidelines, or Boost Competitiveness? How to Make Bold Moves on t...Accenture Insurance
Sweeping changes across consumer behavior, technology innovations and big data are reshaping traditional insurance business models and what it takes to compete. The most successful insurers are the ones that will proactively adapt their game plan to the evolving environment and rules of competition. This piece explores three strategies to better position insurers for the future.
InsurTech is changing the insurance industry. However traditional insurers still have very limited access to disrupting models. We examine the emerging models and explain the working model of Stave Partners. We are working with insurers for creating the next disrupting model.
Contact with us for more:
www.stavepartners.com | info@stavepartners.com
Insurers are continuing to face marked changes in what customers expect in terms of products and service, how they obtain and utilize the information that informs business decisions, and their underlying business and operating models. Top Insurance Industry Issues in 2016 describes in detail the internal and external changes insurers face and how they can gain a competitive advantage..
Accenture research reveals how transforming to a living business enables insurance companies to achieve sustainable growth through hyper-relevance. To learn more visit: https://www.accenture.com/us-en/insights/insurance/living-business
Cloud Enabled Transformation In InsuranceCapgemini
Immature capabilities and growing market disruptors are compelling insurers to act swiftly and become fully customer centric. According to the World Insurance Report 2015 less than 30% of customers are having positive customer experiences globally forcing Insurers to reinvent their ability to deliver positive customer experience across the entire customer journey.
Capgemini's ACEs (All Channel Experience) for Insurance is built on Salesforce the leading CRM platform to help insurers improve their core capabilities and enrich customer experiences regardless of customer channel or device preferences.
Find out how Cloud-Enabled Transformation in Insurance from Capgemini and Salesforce is a faster and less disruptive way for insurers to rapidly evolve digital capabilities to achieve customer experiences that leave your customers wanting more!
Q2 Highlights:
Revenues grew 19% YonY and 8.2% QonQ
Profit after taxes were up 12.2% YonY and 17.0% QonQ
Order intake of US$ 176 mn, marking the 10th consecutive quarter of sequential increase in order intake
The Board recommends an interim dividend of Rs 10 per share as interim dividend. The record date for this payout will be 5th November 2019.
Consolidated revenues for the quarter under review grew 19.0% over the same period last year and 8.2% sequentially over the preceding quarter to Rs 1038.5 crore. EBITDA margin for the quarter expanded to 18.3%, up 118 basis points QoQ.
Among verticals, Insurance grew 15.3% QonQ contributing 31.1% of overall revenues, BFS expanded 9.4% QonQ contributing to 16.7% of revenue, and Travel Transport and Hospitality (TTH) was up 5.8% QonQ contributing to 27.8% of revenue. Other segments collectively grew 0.8% QonQ and they now represent 24.4% of overall revenues.
Digital revenues grew by 56% YoY and 18% QoQ, contributing to 38% of the total revenues in the quarter under review. Americas, EMEA, APAC and India contributed 49%, 37%, 10% and 4% of the revenue mix.
Fresh business of US$176mn was secured by the company during the quarter. As a result, the order book executable over the next twelve months has also increased to US$405mn.
“We have delivered robust revenue and margin performance yet again in line with our stated intent to drive robust, predictable and profitable growth for our business. The fundamentals of the business continue to be strong, as reflected in the sustained deal wins and the operating margin threshold that we have established,” said Mr. Sudhir Singh, Chief Executive Officer, NIIT Technologies Ltd.
Acknowledgements:
A TBR Perspective on Transform at the intersect - NIIT Technologies and the near future of Digital and Post-digital Transformation
A special blog by NelsonHall on how NIIT Technologies Delivers Digital Transformation with Capacity & Capability at Speed and Scale
HfS Research PoV on Change the game with verticalized AI: NIIT Technologies’ unique play as a post-digital firm
Q1 Highlights:
Revenues grew 16.7% YoY.
Profit after taxes up 2.0% YoY on reported basis, up 17.3% YoY after adjusting for non-recurring expenses.
Order intake of US$ 175 mn, marking the 9th consecutive quarter of sequential increase in order intake.
The quarter under review had one-time non-recurring expenses of Rs. 235 mn translating to a negative impact of 240 bps. Adjusted for that, the EBITDA margin for the quarter stood at 16.9%, an expansion of 103 basis points YoY, and PAT increased 17.3% YoY to Rs 100.6 crore.
In constant currency terms, BFS expanded 2.8% QoQ contributing to 16.5% of revenue, Travel & Transportation (TT) was up 5.9% QoQ contributing to 28.3% of revenue and Insurance grew 6.6% QoQ contributing 29.1% of overall revenues. Others segments collectively grew 1.5% QoQ and they now represent 27.0% of overall revenues.
Digital revenues grew 46% YoY contributing to 34% of the total revenues. Americas, EMEA, APAC and India contributed 49%, 35%, 11% and 5% of the revenue mix.
The Company secured fresh business of US$175mn during the quarter. The order executable over the next twelve months has also increased to US$395mn.
“We registered a good performance in Q1FY20 and the fundamentals of the business are strong,” said Mr. Sudhir Singh, Chief Executive Officer, NIIT Technologies Ltd.
Acknowledgements:
NIIT Technologies ranked #1 in ‘Business Understanding’ for the second consecutive year in ‘Whitelane’s 2019 UK IT Sourcing Study’.
NIIT Technologies named as a Leader among midsize agile software development service providers, by Forrester Research Inc., an independent research and advisory firm, in their report, The Forrester WaveTM: Midsize Agile Software Development Service Providers, Q2 2019.
NIIT Technologies companies Incessant Technologies and RuleTek received Pega Partner Award 2019 for ‘Excellence in Growth and Delivery’.
FY’19 Key Highlights
• Revenues expand 22.9%
• Operating profit up 28.7%
• Operating margin improved 80 bps to 17.6%
• Net Profits improved by 43.9%
• Cumulative order intake for the year is USD 646 MN. Up 27% over previous year
FY’19 Geo mix
Americas- 49%
EMEA-33%
India-8%
APAC- 10%
FY’19 Industry mix
Insurance- 28.7%
BFS- 16.1%
Travel & Transportation- 26.9%
Leadership Speaks
“FY 19 was one of the most successful years in our firm’s history. Not only did we deliver very significant growth but we also increased operating margin simultaneously. Our strategy of transforming the three industries we serve at their intersection with emerging technologies continues to differentiate and drive growth.”
Mr. Sudhir Singh, Chief Executive Officer, NIIT Technologies Ltd.
“The year was characterized by strong deal momentum. Order intake improved steadily in each quarter with large deal wins and new logo additions. USD 170 m of fresh business was secured during the quarter”.
Mr. Arvind Thakur, Vice Chairman and Managing Director, NIIT Technologies Ltd.
“With strong leadership in place, the platform is set for our next phase of growth”.
Mr. Rajendra S Pawar, Chairman, NIIT Technologies Ltd.
Acknowledgements
• Recognized in the Best of The Global Outsourcing 100® list produced by IAOP
• Positioned as a Leader in the NelsonHall NEAT Report for RPA & AI in Banking 2019
Q2 FY19 PAT up 66.3% YoY
Q2 Highlights:
• Revenues up 23.1% YoY and 10.0% QoQ
• Strong improvement in Operating Profits, by 37.2% YoY and 25.1% QoQ
• Operating Margins expand by 186 bps YoY and 217 bps QoQ
• Fresh Order Intake expands to USD 160 Mn
NIIT Technologies delivers robust 145% growth in PAT for FY’16NIIT Technologies
NIIT Technologies Limited, a leading global IT solutions organization, announced its financial results for the year FY15-16 resulting in revenues of `2,682 Crores, operating profits at `473 Crores and net profits at `280 Crores.
4 factors to consider before finalizing a Cargo Management SystemNIIT Technologies
With a gradual increase in the air cargo traffic year on year, most airlines and cargo handling companies are increasingly facing challenges in cargo management. Cargo handling has become extremely complex and unpredictable, involving multiple stakeholders with multi-warehouse operations in a multi-location environment. An efficient cargo management system can enhance service capabilities and significantly improve customer experience, while saving precious time and money, especially at the time when the industry faces an uphill battle to restore competitiveness and increase its share of trade growth.
Unlock value potential from Cargo Management OperationsNIIT Technologies
Cargo Management Systems are beneficial in times where quantity of cargo and burden on infrastructure has increased. The improved cargo turnaround rate, easy integration with system landscapes and partner networks make it an effective solution.
New Distribution Capability benefits and challengesNIIT Technologies
Is NDC (New Distribution Capability) in Airlines a norm or a phenomenon?
Explore the benefits and challenges of New Distribution Capability: goo.gl/K5n5wO
State of ICS and IoT Cyber Threat Landscape Report 2024 previewPrayukth K V
The IoT and OT threat landscape report has been prepared by the Threat Research Team at Sectrio using data from Sectrio, cyber threat intelligence farming facilities spread across over 85 cities around the world. In addition, Sectrio also runs AI-based advanced threat and payload engagement facilities that serve as sinks to attract and engage sophisticated threat actors, and newer malware including new variants and latent threats that are at an earlier stage of development.
The latest edition of the OT/ICS and IoT security Threat Landscape Report 2024 also covers:
State of global ICS asset and network exposure
Sectoral targets and attacks as well as the cost of ransom
Global APT activity, AI usage, actor and tactic profiles, and implications
Rise in volumes of AI-powered cyberattacks
Major cyber events in 2024
Malware and malicious payload trends
Cyberattack types and targets
Vulnerability exploit attempts on CVEs
Attacks on counties – USA
Expansion of bot farms – how, where, and why
In-depth analysis of the cyber threat landscape across North America, South America, Europe, APAC, and the Middle East
Why are attacks on smart factories rising?
Cyber risk predictions
Axis of attacks – Europe
Systemic attacks in the Middle East
Download the full report from here:
https://sectrio.com/resources/ot-threat-landscape-reports/sectrio-releases-ot-ics-and-iot-security-threat-landscape-report-2024/
Epistemic Interaction - tuning interfaces to provide information for AI supportAlan Dix
Paper presented at SYNERGY workshop at AVI 2024, Genoa, Italy. 3rd June 2024
https://alandix.com/academic/papers/synergy2024-epistemic/
As machine learning integrates deeper into human-computer interactions, the concept of epistemic interaction emerges, aiming to refine these interactions to enhance system adaptability. This approach encourages minor, intentional adjustments in user behaviour to enrich the data available for system learning. This paper introduces epistemic interaction within the context of human-system communication, illustrating how deliberate interaction design can improve system understanding and adaptation. Through concrete examples, we demonstrate the potential of epistemic interaction to significantly advance human-computer interaction by leveraging intuitive human communication strategies to inform system design and functionality, offering a novel pathway for enriching user-system engagements.
Dev Dives: Train smarter, not harder – active learning and UiPath LLMs for do...UiPathCommunity
💥 Speed, accuracy, and scaling – discover the superpowers of GenAI in action with UiPath Document Understanding and Communications Mining™:
See how to accelerate model training and optimize model performance with active learning
Learn about the latest enhancements to out-of-the-box document processing – with little to no training required
Get an exclusive demo of the new family of UiPath LLMs – GenAI models specialized for processing different types of documents and messages
This is a hands-on session specifically designed for automation developers and AI enthusiasts seeking to enhance their knowledge in leveraging the latest intelligent document processing capabilities offered by UiPath.
Speakers:
👨🏫 Andras Palfi, Senior Product Manager, UiPath
👩🏫 Lenka Dulovicova, Product Program Manager, UiPath
UiPath Test Automation using UiPath Test Suite series, part 4DianaGray10
Welcome to UiPath Test Automation using UiPath Test Suite series part 4. In this session, we will cover Test Manager overview along with SAP heatmap.
The UiPath Test Manager overview with SAP heatmap webinar offers a concise yet comprehensive exploration of the role of a Test Manager within SAP environments, coupled with the utilization of heatmaps for effective testing strategies.
Participants will gain insights into the responsibilities, challenges, and best practices associated with test management in SAP projects. Additionally, the webinar delves into the significance of heatmaps as a visual aid for identifying testing priorities, areas of risk, and resource allocation within SAP landscapes. Through this session, attendees can expect to enhance their understanding of test management principles while learning practical approaches to optimize testing processes in SAP environments using heatmap visualization techniques
What will you get from this session?
1. Insights into SAP testing best practices
2. Heatmap utilization for testing
3. Optimization of testing processes
4. Demo
Topics covered:
Execution from the test manager
Orchestrator execution result
Defect reporting
SAP heatmap example with demo
Speaker:
Deepak Rai, Automation Practice Lead, Boundaryless Group and UiPath MVP
GraphRAG is All You need? LLM & Knowledge GraphGuy Korland
Guy Korland, CEO and Co-founder of FalkorDB, will review two articles on the integration of language models with knowledge graphs.
1. Unifying Large Language Models and Knowledge Graphs: A Roadmap.
https://arxiv.org/abs/2306.08302
2. Microsoft Research's GraphRAG paper and a review paper on various uses of knowledge graphs:
https://www.microsoft.com/en-us/research/blog/graphrag-unlocking-llm-discovery-on-narrative-private-data/
Slack (or Teams) Automation for Bonterra Impact Management (fka Social Soluti...Jeffrey Haguewood
Sidekick Solutions uses Bonterra Impact Management (fka Social Solutions Apricot) and automation solutions to integrate data for business workflows.
We believe integration and automation are essential to user experience and the promise of efficient work through technology. Automation is the critical ingredient to realizing that full vision. We develop integration products and services for Bonterra Case Management software to support the deployment of automations for a variety of use cases.
This video focuses on the notifications, alerts, and approval requests using Slack for Bonterra Impact Management. The solutions covered in this webinar can also be deployed for Microsoft Teams.
Interested in deploying notification automations for Bonterra Impact Management? Contact us at sales@sidekicksolutionsllc.com to discuss next steps.
Accelerate your Kubernetes clusters with Varnish CachingThijs Feryn
A presentation about the usage and availability of Varnish on Kubernetes. This talk explores the capabilities of Varnish caching and shows how to use the Varnish Helm chart to deploy it to Kubernetes.
This presentation was delivered at K8SUG Singapore. See https://feryn.eu/presentations/accelerate-your-kubernetes-clusters-with-varnish-caching-k8sug-singapore-28-2024 for more details.
Let's dive deeper into the world of ODC! Ricardo Alves (OutSystems) will join us to tell all about the new Data Fabric. After that, Sezen de Bruijn (OutSystems) will get into the details on how to best design a sturdy architecture within ODC.
Transcript: Selling digital books in 2024: Insights from industry leaders - T...BookNet Canada
The publishing industry has been selling digital audiobooks and ebooks for over a decade and has found its groove. What’s changed? What has stayed the same? Where do we go from here? Join a group of leading sales peers from across the industry for a conversation about the lessons learned since the popularization of digital books, best practices, digital book supply chain management, and more.
Link to video recording: https://bnctechforum.ca/sessions/selling-digital-books-in-2024-insights-from-industry-leaders/
Presented by BookNet Canada on May 28, 2024, with support from the Department of Canadian Heritage.
Neuro-symbolic is not enough, we need neuro-*semantic*Frank van Harmelen
Neuro-symbolic (NeSy) AI is on the rise. However, simply machine learning on just any symbolic structure is not sufficient to really harvest the gains of NeSy. These will only be gained when the symbolic structures have an actual semantics. I give an operational definition of semantics as “predictable inference”.
All of this illustrated with link prediction over knowledge graphs, but the argument is general.
DevOps and Testing slides at DASA ConnectKari Kakkonen
My and Rik Marselis slides at 30.5.2024 DASA Connect conference. We discuss about what is testing, then what is agile testing and finally what is Testing in DevOps. Finally we had lovely workshop with the participants trying to find out different ways to think about quality and testing in different parts of the DevOps infinity loop.
From Daily Decisions to Bottom Line: Connecting Product Work to Revenue by VP...
Analytics in Insurance Value Chain
1. www.niit-tech.com
NIIT Technologies White Paper
Analytics in Insurance Value ChainAnalytics in Insurance Value Chain
Surekha Sugandhi
Insurance Practice - Solution Architect
2. CONTENTS
Insurance Industry Overview and Major Trends 3
Business Intelligence and Insurance Value Chain 3
Insurance and Analytics: Current state of the art 4
How can analytics help build insurance value chain? 4
Best Practices for leveraging business analytics in insurance sector 5
Conclusion 6
3. industry have exponentially increased the importance and
complexity of an effective business intelligence environment.
Growing Consolidation: Consolidation is a major force altering
the structure of the insurance industry, as insurers seek to create
economies of scale and broaden their product portfolios. The
aggregated value of mergers and acquisitions was $75.7 billion in
2010, up from $ 41.7 billion in 1999 and a mere $8.5 billion in 1993.
Convergence of Financial Services: Mergers and acquisitions
involving insurance companies and financial service providers,
such as banks have led to the emergence of integrated financial
services companies.
New Distribution Channels: New distribution channels are fast
catching up with traditional insurance agents. These channels,
though, not a major threat, are rapidly changing the way insurers
and clients interact with each other.
Focus on Customer Relationship Management: The only
viable strategy for insurers, today, is to focus on customer needs
and serve them better. Clients have extremely differentiated needs
with different profitability. Hence, an effective CRM strategy is the
most vital component of an insurer's overall business strategy.
Insurance Industry Overview and
Major Trends
Insurance industry is totally dependent on the ability to convert raw
data into intelligence - about clients, markets, competitors, and
business environment. Over the years, data processing technology
has progressed phenomenally and tools such as data
warehousing, OLAP and data mining that constitute the
cornerstone of an effective Business Intelligence (BI) environment
are today widely accepted across industries. However, insurance
companies have been relatively slow in adopting these tools,
primarily because of protective regulations. Now they can no
longer afford to be complacent as the Internet, deregulation,
consolidation, and convergence of insurance with other financial
services are fast changing the basics.
The insurance industry is quite diverse in terms of product portfolio
offered by different companies. These can be broadly classified
into two product lines: Property and Casualty (P&C) and Life
Insurance. Life insurance product line can be further sub-divided
into life insurance, health insurance and annuity products.
Growing consolidation and changes in regulatory framework have
forced insurers to add new products to their portfolio. These
changes have presented its own unique challenge of leveraging its
greatest asset - data. A number of other trends in the insurance
Business Intelligence and
Insurance Value Chain
In the last three decades, insurance companies have acquired
significant product development capabilities. However, they
failed to truly understand clients’ needs and demands. This led
most firms to rather develop products that they could manage
than, those their clients required. Moreover, during the last few
years, deregulation and growing competition have forced
insurance companies to move from traditional product-centric
operations to customer-centric operations.
3
Analytics is a two-sided coin. While on one side, it uses
descriptive and predictive models to gain valuable knowledge
from data, i.e. data analysis, on the other side, it provides
insight to recommend action or guide decision making, i.e.
communication. Thus, analytics is not much about individual
analyses or analysis steps as it is about the entire methodology.
Today, there is a pronounced tendency to use the term analytics
in business settings e.g. text analytics vs. generic text mining to
emphasize this broader perspective.
4. 4
Insurance and Analytics:
Current state of the art
Introduction of business intelligence software resulted in the
evolution of computing in the insurance industry from a tactical
and transaction focus to a strategic and business planning focus.
This does not mean that transaction processing has faded from
the scene or diminished in importance. Rather, it means insurers
still process billions of transactions every day in sales, service,
and claims arena. They perform basic data processing and
appear competitive only when they efficiently handle large
transaction volumes.
However, for insurers, efficiency is only one aspect of the winning
equation. To compete successfully and profitably, insurers must
identify and act on emerging trends, new customer insights, and
improve understanding of natural and man-made hazards. In
addition, insurers need the ability to spot operational issues and
opportunities in real-time to respond proactively. Fortunately, this is
possible with two new classes of software known as business
intelligence and advanced analytics. Currently, insurers use any of
the two software’s with the ability to create dashboards and
scorecards, conduct what-if analyses, leverage scenario planning,
employ advanced statistical analyses, harness data/text mining, as
well as uncover new opportunities from predictive models.
These technologies, combined with human experience and insights,
are already giving leading insurers advantage in the marketplace.
How can analytics help build
insurance value chain?
Leading organizations use analytics to drive important decisions
and progressively build their analytics capability. Assessing the
maturity of skills, insurance companies design and technology
capability against current and future needs will guide your
priorities and planning process.
Choose your strategy carefully
• Grow client profitability by looking at your own information from
a client perspective. Use digital and social media to identify high
potential clients, their behaviors and preferences.
• Use this information to define client’s experience strategies and
implement initiatives that will delight your priority clients and
attract new high potential clients.
• Continuously monitor and re-evaluate clients’ potential, risk
attributes, situation and environment to test on-going validity of
segmentation. As circumstances change, this information will
help companies in retaining a realistic view of client profitability
and risk.
So, many additional opportunities exist for insurers to further
capitalize on today’s business intelligence and advanced
analytics solutions.
Figure 1: Policy and Claim Life Cycle
*Source: Celent, Forrester, Innovation Group
CLAIMSPOLICY
Core Solutions Core Solutions
Sales
Quotations
Segmentation
Lifecycle
Workloads
Cancellation
Renewals
Recoveries
Settled Claims
Fraud
Lifecycle
Supply Chain
Repairs
FNOL
5. • Mine data in a risky environment to understand how market and
credit events are related and use it for funding plan and for
reducing emergency funding at punitive rates.
Develop highly relevant and attractive products
and service offerings
• Use client insight to develop highly relevant and attractive
products and product bundles for specific customer segments
or individual customers. Along with these products,
organizations must develop an effective pricing strategy to
maximize delicate risk reward balance.
• Harness more sophisticated, risk-based pricing to introduce
products that otherwise would have been too risky to develop at
the right price.
Generate quality leads
• Embed intelligence about your clients in your distribution
strategy to generate quality leads. This should be performed for
clients that have a high propensity to buy and determine the
most effective distribution channel that cost effectively captures
their business.
• Improve your risk culture by profiling employees for mismatches
in risk profile required by the role.
• Identify and monitor leading risk and profitability indicators
across distribution network to detect poor selling practices. It will
help to refine your distribution strategy.
Track client behavior
• Build digital records about your clients, their behaviors and
preferences to develop effective loyalty programs and retention
strategies. These digital records will make it difficult for other
insurers to attract your highly valued clients
5
Best Practices for leveraging
business analytics in
insurance sector
Profitable growth is an elusive goal in today’s increasingly
competitive insurance industry. Rapid development and
deployment of new products and its features, balancing broader
distribution channel opportunities, managing risks across
organization, responding to regulatory and reporting agency
demands, and providing precise pricing levels require effective
decisions to be made with greater accuracy, efficiency and
transparency. Personal experience is often insufficient in making
consistent, accurate and effective decisions in line with rapidly
changing marketplace.
Leading organizations are increasingly turning to business
analytics for survival. Business analytics solutions are used by
insurers to reduce the time required to react to competitive
pressure, respond efficiently to market changes, increase
effectiveness of business managers in improving financial results
and driving value for organization, to more effectively managing
risks an enterprise face to improve precision and efficiency of
operational decisions. The primary forms of business analytics
used by the industry leaders include:
Ad Hoc Management Reporting and Dashboards: This
business analytics solution use analysis and reporting tools to provide
automatic feedback on achievement of key performance criteria.
• Analyze customer interactions and channel choices to improve
customer service and deliver new service to sale opportunities.
This data will also reveal opportunities to reduce cost by
eliminating services your clients do not value.
6. They are also used to create ad hoc reports using data from a
variety of data sources in order to improve management’s ability to
make better and faster decisions. Common examples include
claim reporting and settlement lag time, call center response times,
and achievement of service standards, etc.
Profiling and Segmentation: These business analytics solutions
involve data mining to determine historic behaviour of a group, or
performance of a group of people, risks or transaction types.
Common examples include clients by profitability, claim types by
severity or frequency, and clients by product preference, etc.
Forecasting: This business analytics solution allows an insurer to
attempt and determine a time series estimate of what will happen
in future based on statistical evaluation of current and historic
aggregate data.
6
Conclusion
Insurance industry is divided in its adoption of business intelligence
environment based on technologies such as data warehousing,
OLAP and data mining. Quite a few insurance companies are in
advanced stages of their business intelligence initiative; yet there
are many oblivious of its benefits. Some insurers have gone for
non-scalable temporary solutions, which often fail to leverage the
ever-increasing volumes of data.
Predictive Analytics: This business analytics solution attempts to
predict future behavior or performance based on analysis of historic
transactional data, third party data (like loss history, motor vehicle, geo
demographic data, credit data, etc.) or derived data often calculated
from one or more data elements. The analysis often results in a score
or recommended action assigned during the processing of a
transaction. Examples include determining the loss ratio relativity of a
risk being underwritten, pricing adequacy based on anticipated loss
experience, propensity of fraud on a reported claim, etc.
Optimization: This business analytics solution focuses on
optimization of business decisions usually based on multiple
scenarios or multiple predictive analytics models. For insurance,
optimization is always constrained optimization. Example includes
maximizing response to a direct response campaign constrained
by marketing budget.
DataInsightRequired
Business Value Derived
AD HOC
Reporting
Dashboards
Profiling and Segmentation
Forecasting
Predictive Analytics & Scorecards
Optimization
Figure 2 : Business Value Derived at each stage
Source: www.sas.com
By combining analytics expertise with business knowledge,
insurance companies can uncover the real cause of toughest
problems, and anticipate and identify future opportunities to
differentiate and grow business. However, it is not enough to
capture, integrate and analyse data. Enterprises must also act on
what they find. This requires a culture that is ready to embrace
novel and counter-intuitive ideas. Unless leadership sets tone by
expecting data-driven decisions and encouraging ‘test and learn’
experimentation, analytics will remain a much talked about subject,
rather than a core strategic capability.
7. D_54_200114
Write to us at marketing@niit-tech.com www.niit-tech.com
NIIT Technologies is a leading IT solutions organization, servicing customers in North America,
Europe, Asia and Australia. It offers services in Application Development and Maintenance,
Enterprise Solutions including Managed Services and Business Process Outsourcing to
organisations in the Financial Services, Travel & Transportation, Manufacturing/Distribution, and
Government sectors. With employees over 8,000 professionals, NIIT Technologies follows global
standards of software development processes.
Over the years the Company has forged extremely rewarding relationships with global majors, a
testimony to mutual commitment and its ability to retain marquee clients, drawing repeat
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About NIIT Technologies
NIIT Technologies Limited
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