1130 big data


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1130 big data

  1. 1. National Underwriter – Insurance Executive Conference Panel discussion: Going Digital and Taking Advantage of Big Data 17 December 2013
  2. 2. Discussion Agenda ► The Journey – Combining Capabilities & Behaviors ► The Setup – Data Leaders vs Data Laggards ► The Panel – Exploring Three Key Question Areas ► Q&A Page 2
  3. 3. The Analytics Journey Leading Insurers are reconsidering the relationship between the technical capabilities and the organization behaviors needed to capitalize on those assets Centricity Innovation platform Behavioral assets ► Mental Models ► Behavioral norms ► Learning orientation ► Holistic thinking ► Collaboration Holistic decisions Point solutions ► Data excellence Capability ► Tools and technology ► Methodology assets ► Talent ► Roles & org design Page 3
  4. 4. DATA & ANALYTICS Data and Analytics Capabilities are a Priority for Insurance Companies Data is the Key to Addressing a Wide Range of Strategic Concerns 18% • 82 percent of insurance companies view data and analytics as a high strategic priority • No insurance companies view data and analytics as a low-level or not a strategic priority 31% It is the most important strategic priority It is a high strategic priority (near the top) 51% It is a mid-level strategic priority Source: State Street 2013 Data and Analytics Survey conducted by the Economist Intelligence Unit 4
  5. 5. DATA & ANALYTICS The Industry is Polarized by its Approach Data is a competitive asset … But few know how to use it • 66 percent believe data will be a key source of competitive advantage in the future • Only 29 percent of firms are reaping the full benefits from their data and analytics capabilities today • 86 percent increased investment in data infrastructure in the past three years An Industry Divided by Data 1. “Data Leaders” – Companies in the survey whose data and analytics are already a source of competitive advantage 2. “Data Laggards” – Have yet to gain full benefit from their data Only 21 percent of insurers fall into the category of data leaders. Source: State Street 2013 Data and Analytics Survey conducted by the Economist Intelligence Unit 5
  6. 6. DATA & ANALYTICS Data Leaders are Better Prepared for the Challenges Ahead Leaders Data leaders are more confident in ... Laggards % confident in capability  70% • Generating forward-looking insights from data 42% 72% • Integrating risk and performance analytics 50% • Optimizing their electronic trading strategies By contrast, data laggards are … • More likely to get distracted by the complexity of data management X 64% 53% % agree with statement 7% 30% • Less likely to feel their data capabilities are keeping pace with the growth of their business Source: State Street 2013 Data and Analytics Survey conducted by the Economist Intelligence Unit 92% 50% 6
  7. 7. Exploring Three Key Question Areas 1. Analytic definition  What is analytics (or Big Data) and how can insurers gain confidence and succeed at scale with Analytics?  Analytics DNA – how different is an organization that “has it” versus one that’s trying to “get it”? 2. Analytic ecosystem  How would you advise the audience on getting an analytic environment or ecosystem “up and running” quickly?  Have you had more success with open source solutions? Agile analytics? 3. Expectation management   Page 7 What impact has the management of C-Suite expectations had on your success with Analytics? Is Analytics a strategy, an enabler, or a building block?
  8. 8. Questions? Page 8