Sign up and be the first to know

About Hugh Terry & The Digital Insurer

Hugh Terry & The Digital Insurer Video

Contact Us

1 Scotts Road
#24-10 Shaw Centre
Singapore 228208

Write an article

Get in touch with the editor Martin Kornacki

email your ideas at [email protected]

Pre Registration Popup

itcasia2020 Registration Popup

Share Popup

Prime Member: Find out more

Access a unique programme!
  • 56 pre recorded lesson of online content from industry experts over 7 courses
  • The best in digital insurance for practitioners and by practtioners
  • Online MCQ after each lesson
  • Join the discussion forum and make new friends
  • Certificate upon completion to show your expertise and comitment
  • 3 months to complete
  • Normal price US$1,400 Your Prime member price is US$999
  • Access to future versions included in your Prime membership!
Become a member

Prime Member: Contact Us

REach out to us. Please fill up the form below
  • Let us know how we can help. You can expect a response within 24 hours

Advancing Analytics Capabilities – Eric Besman & Mo Masud


Article Synopsis :

The insurance industry sits on a giant pool of data, however the challenge lies in how best to manage and analyse such vast volumes of data and transform it into a strategic differentiator. Predictive analytics has emerged as a game changer in this field and presents tremendous opportunities for insurers to foster their competitive advantage.

 The Digital Insurer reviews CASACT’s Report on Advancing Your Analytics Capabilities

Building strong analytics capabilities will be key for insurers operating in a digital world

In the thought leadership report “Advancing Your Analytics Capabilities”, Eric Besman and Mo Masud provide a broad perspective on the emerging trends in predictive analytics. They also discuss the changing role of the actuary and put forward a  framework for developing a sustainable analytical capability.  The report concludes that building a high performance internal analytics team is the foundation for sustainable analytics capabilities and that  insurers should look for the following skills whilst building the team:

  • Data skills
  • Analytical skills
  • Business skills
  • Creativity

The report contrasts the traditional roles played by actuaries with the new emerging role they will play and details the analytics process flow that will include:

  • Analytics Requirements and Design
  • Analytics Development
  • Analytics Testing and Refinement
  • Analytics Deployment

The report also highlights common pitfalls that insurers need to avoid while working on developing an analytics capability:

  • Pay attention to data credibility and avoid thinning out data.
  • Realize that disruption will take on a whole new meaning because of existing Countrywide Models.
  • Design a flexible rules based implementation approach to support running two models potentially for a given state or running different models for different states.
  • There will be overlap in variables between the Countrywide and State specific models, but they should not be identical. Otherwise you could have just calibrated your Countrywide Models on individual State data.
  • Rules to support price tempering will be essential to avoid market disruption.
  • Territorial variables and other model design considerations such as capping large losses, etc. should be state specific.

Link to Full Article:: click here

Digital Insurer's Comments

Developing smart analytics capabilities and solutions will be critical for insurers in the future.  The key lies in using data to enable strategic business application.  In order to fully realise the benefits, insurers must embed analytics insight at the point of decision making.  Predictive analytics has applications across the insurance value chain and it’s crucial for insurers to understand its potential beyond customer insight.  Predictive analytics can also help insurers in:

  • Data driven decision making
  • Fraud detection and risk mitigation
  • Predictive underwriting
  • Cost optimisation 

Link to Source:: click here



Livefest 2019 Register Popup Event

Livefest 2019 Already Registered Popup Event

Livefest 2019 Join Live Logged-in Not Registered

Livefest 2019 Join Live Not Logged-in