The document discusses how data analytics is transforming the insurance industry. It states that while data analysis provides insights, companies must act on those insights to create value. Effective use of analytics can improve profitability, lower costs, and reduce risk. However, for analytics to be truly useful, insurance companies need to take a holistic view of all available data across departments instead of operating in silos. The document also discusses how analytics can support the development of new insurance products and services, and how the insurance industry needs to prepare for upcoming technological trends like connected devices and new distribution models using technologies like blockchain.

1. readings
The new age of data, devices and the Internet
of things is transforming the insurance
industry and while analysis is the key to
gaining insight and extracting value from
data, it is not the destination ­– it’s what
you do with these insights that matter. The
effective use of analytics is critical to support
and implement strategy, create new tactics
and design new best practices. All lead to
better profitability, lower cost and less risk for
insurers and they enable new products and
services to be introduced more effectively.
The insurance industry however is
fragmented and many departments operate
in silos. For insurers to become truly analytical
in nature, they have to be prepared to take a
holistic view of all data and use it effectively
(brokers and suppliers being a key part of
that data creation).
The book is relevant to all insurance
professionals, wherever they may work
­– underwriting, claims, risk, marketing, etc ­–
and it refers to the differing lines of insurance
business such as personal, commercial, life
and speciality. It is valuable for mature and
emerging markets; already the publishers
are working on a translation for the Chinese
insurance marketplace which is growing at
20% annually. Other emerging nations such
as Brazil also have the potential for massive
growth which will be fuelled by better
analytical insight.
It is critical business people understand the
technology that will affect the way they work,
and for technologists to understand the
complexities of insurance like indemnity and
subrogation. There’s also a chapter devoted
to location analytics which is essential to the
insurance sector ­– after all, isn’t everything
and everyone somewhere?
Insurance professionals must also remember
the role of insurance in society. We already
think about the impact of cloud computing,
mobile technology and social media but the
insurance industry needs to plan for the next
wave of ‘mega trends’. These will include the
connected car, home, person, urbanisation
and new distribution models like Blockchain
data recording. All have implications on
insurance policies, process and practices.
The author describes himself in the book
as lying awake at night thinking about
the convergence between insurance and
technology. It’s easy to reflect on the past and
present but more difficult to think about the
future. Part of the future will involve ‘Cognitive
Analytics’ which allows users to analyse data
inside and outside their organisation, and
to interact with the system using everyday
natural language. He already says there are
impacts in healthcare and financial services,
and insurance will be affected soon. It will not
only change the way we work, but also impact
on leadership.
Tony Boobier is an independent consultant to
the insurance industry focussing on data and
analytics. A recognised international speaker
and industry commentator with 30 years
insurance industry experience, he was until
recently a worldwide executive with IBM. His
first book ‘Analytics for Insurance: The Real
World of Big Data’ has received international
acclaim and is described by Professor Tom
Davenport (Babson College, Massachusetts)
as the book insurers ‘need only read if that
want to remain in business’. Tom is one of the
top three leading international authorities on
analytics. •
ANALYTICS
FOR INSURANCE:
THE REAL BUSINESS
OF BIG DATA
BOOBIER, Tony
London: Wiley Finance, cop 2016
ISBN 978­‑1­‑119­‑14107­‑5
m d s m a g a z i n e
182

2. RIDING THE WAVES
OF CULTURE
TROMPENAARS, Fons
HAMPDEN­‑TURNER, Charles
London: Nicholas Brealey, 2012
ISBN 978­‑-90483-838-8
THE POWER OF
BEING YOURSELF
PLUMERI, Joe
Boston: Da Cape Press, 2016
ISBN 978-0738218816
Fons Trompennars is an influential
consultant, trainer, motivational speaker and
author on culture and business. He has spent
over 25 years helping leaders worldwide
to manage and solve business and cultural
dilemmas to increase global effectiveness
and performance. Charles Hampden­‑Turner
is a key business thinker, he has worked as a
consultant for Shell, BP, Digital Equipment,
the BBC, Nissan and many other companies.
In a global marketplace, culture counts.
We work with people from other cultures,
countries and backgrounds and it is
fundamental to understand the differences,
so that we can work more effectively and
prevent confusion. Nowadays the ability
to lead effectively in a global business
environment is a fundamental skill in any
organisation. In their book, Riding the Waves
of Culture, the authors provide insight to help
us survive in today’s global work environment.
TrompennarsandHampden­‑Turnerhighlight
thechallengesofleadershipinresolving
dilemmasrelatingtodifferentculturalpressures.
Everyone,everywherefacesverysimilar
dilemmasintheirpersonalandprofessional
lives.Whatchangesistheirculturalbackground
andhowthatwillimpactonthewaypeople
react;theircultureinfluences,theirthinkingand
behavior.It’sculturethatforcesourdirectionin
onewayortheother.
When we have culturally diverse teams how
do we proceed? It is fundamental that leaders
know how to reconcile differences and are
able to create effective change and efficiently
manage this in a cross­‑cultural business
world. Failure to recognise and adapt to
cultural diversity leads to a breakdown in
communication and trust.
Trompenaars and Hampden­‑Turner have
created a powerful model for understanding
cultural differences. With many practical
examples and case studies, their book is a
helpful tool to leaders and managers from
around the world. It conveys the skills,
sensitivity, and cultural awareness needed to
manage in a globalised, cross cultural world
and learning how to take strategic advantage
of cultural differences to transform them into
competitive advantage for their organisation. •
Awidelyadmiredleaderintheinsurance
industry,JoePlumeriwasnamedoneofthe
“100MostInfluentialPeopleinFinance”in2009
and2010byTreasury&Riskmagazine’slist.
HewasalsorecognisedbySt.John’sUniversity
SchoolofRiskManagementasInsuranceLeader
oftheYearin2006.Heisamanknownbyhis
contagiousoptimismandauthenticity,theability
ofhisinspirationalspeechestomovethousands
andatalentfortransformingthewaycompanies
thinkandoperate.
In the book, Plumeri, the former boss of Willis
Group and Citibank North America, talks about
his experience in the business world – both
the good and the bad ­– and offers his insight
on how to stay positive, motivate yourself and
others around you, and striving for success in
your personal and professional life.
In Joe Plumeri’s own words, this is not a
business or leadership book, it’s a people
book. This is a story about finding your
passion, following your heart and, most of all,
learning how to be yourself.
According to the author, we are living in a
world ruled by technology where people seem
readings
f u l l c o v e r
183
to have forgotten how to relate to each other,
preferring to hide behind the anonymity of
their computers. He defends the importance
of human connection and the need for people
to engage more.
The Power of Being Yourself features eight key
principles, providing insight into behaviors
and motivations that can help everyone
get further in their life. The author believes
that the secret to success is found not in
boardroom strategy or corporate philosophy,
but rather in allowing passion, purpose and
true emotions into your life. This is reflected
in his life motto that everyone should live in
the moment and be honest and true in our
emotions. •