The Right Concoction of Science and Data
Robert Regis Hyle | March 31, 2014
It hasn’t been too long ago that a number of people were discussing the issue of CIOs having a seat at the table. With the size of today’s IT staffs and the budgets that CIOs oversee, it seems a ridiculous issue from those aspects alone, not to mention the important tasks being conducted by today’s technologists.
Yet there are still companies trying to come to grips with how their business is being conducted in 2014 and a good number of employees that are going through their own version of post-traumatic stress disorder in the form of culture changes within their departments.
This is not to downplay PTSD in any way. The culture changes within a business may not be life threatening, but anyone who has done a job in a certain way for five years or more can be thrown for a loop by the prospect of a new technology platform. It is not just resistance to change that they are showing; they are clinging to the past that they desperately want to keep.
This is never more evident than in the use of data. Insurance companies have done a good job of collecting data for decades, but only within the last 10 years have some carriers come up with meaningful ways of using it.
This is what leads to the challenge for business users and IT departments. Mistakes made with old data often were never discovered. Today, though, bad data is a sin of massive proportions and failure to recognize its value can be costly for businesses and the employees.
The consultants at PwC, in their outlook for 2014, recommend that insurance carriers consider adding a data science office. As the company writes: “A data science office’s purpose is not to collect and analyze data for its own sake, but to help the company achieve its specific market goals and objectives.”
Normally, adding another layer to a company’s infrastructure should be met with hisses and boos, but the important part of the PwC recommendation is that the data science office should be staffed not with technologists, but with business analysts that can ask the right strategic questions.
Sharp companies will follow this advice because, as we’ve mentioned more than once, insurers are competing with more than just fellow insurers today. They are competing with anyone that does business in a smart manner and showing consumers there are better ways of doing business in 2014.
- The Rapid Evolution of Consumer Protection Regulation
- Talent Hunt: Finding, Attracting, Retaining Top People
- Insurers Flexing Their Distribution Models
- Technology Driving Disruption in Insurance
- Fear of ‘Next Bubble’ Challenges Life, Annuity Carriers
- Technology Allows Commercial Lines Insurers to Stand Out
- Single Sign-on Viewed as Biggest Tech Challenge for Agencies
- ISCS Observes 20th Anniversary; Scurto Predicts Major Changes Ahead
- Policyholders and Their First Impressions
- Progressive Making Progress on the UBI Front
- High and Dry: Insurers Search for Disaster Recovery Plans
- Insurers Sign The (Un)Dotted Line
- Reflections of a Retired Insurance CIO
- Mobile Device Management Just One Answer to BYOD Issue
- Lessons from GEICO and Progressive on Winning the Critical Buying Stage
- You Are a Target for a Cyber Attack
- Web-based Systems are the Next Evolution in Claims Technology
- Gaining a “Wow” Experience from Web Users
- Time to Shift from Business/IT Alignment to Business/IT Alliance
- Healthcare Insurers Changing to Consumer Model
- Organization is the Key for Selecting Software Vendors
- Analysts Expound on the Needs of the Mid-tier Insurance Market
- Finding the Cure for Obamacare’s Website
- New Software Solutions Benefit Insurers on the Inside and Outside
- Products, Market Impede Investment in Systems for Life Insurers
- Combatting Cyber Threats: Predict, Prevent, Persist
- The Future of Telematics Heads Beyond Insurance
- The Shame in Cyber Security Lapses
- Building Policy Administration Systems for the Future
- Insurers Look Into The Eyes of Their Policyholders
- It’s a New Dawn for the ITA
INSURANCE IT NEWS
- Few Surprises in Cybersecurity for Insurers
- Few Surprises in Cybersecurity for Insurers
- ITA Pro Weekly, January 20, 2016
- Verisk Releases Cyber Exposure Data Standard for Insurance
- British Insurer Selects Guidewire Core Systems
- Nationwide Private Client Expands into New States with ISCS Solution
- Majesco, Appulate Announce Strategic Partnership
- Boston Mutual Partners with Onyx Data Solutions
The Email Chat is a regular feature of the ITA Pro magazine and website. We send a series of questions to an insurance IT leader in search of thought-provoking responses on important issues facing the insurance industry.
ITA is pleased to present the 2014 Webinar Series. We have many topics for you to choose from and attendance is open to all ITA members. The webinar topics are current and exciting — ranging from predictive analytics to telematics and will focus on the direction insurance carriers need to follow for the future. All webinars are presented by insurance IT professionals along with some of the leading analysts and consultants in the field. There is no cost to attend an ITA webinar. For more information and to register for the webinar, click the “title” of the webinar below.
BLOGS AND COLUMNS
Insurance carriers interested in meeting or exceeding their customer’s expectations regarding mobility are looking at a two-pronged approach... READ MORE
Robert Regis Hyle
Everybody has a wish list and it seems that atop the lists for insurance carriers still operating with legacy systems is the desire to do away with... READ MORE
As Guidewire Software prepares for the start of Connections, its 11th annual user conference that begins on Nov. 2, Brian Desmond, chief marketing... READ MORE
Strategy Meets Action will hold its annual Summit in Boston on Sept. 14 and the focus for this year is: Becoming the Next-Gen Insurer... READ MORE
Starting last fall when the technology company dropped Mastek from its name and became simply Majesco, its mergers and acquisitions, and hirings have... READ MORE
Digital represents a continuous form of disruption to existing or new business models, products, services or experiences enabled by data and... READ MORE
In spite of all the arm-flapping and hand-waving stirred by the Affordable Care Act (ACA), the way health insurance is purchased, and employee... READ MORE
- Vendor Views