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Oliver Wyman is our official partner for the APAC Insurer Innovation Awards.

Oliver Wyman is a global leader in management consulting. With offices in more than 70 cities across 30 countries, Oliver Wyman combines deep industry knowledge with specialized expertise in strategy, operations, risk management, and organization transformation.

The firm has more than 5,000 professionals around the world who work with clients to optimize their business, improve their operations and risk profile, and accelerate their organizational performance to seize the most attractive opportunities. Oliver Wyman is a business of Marsh McLennan [NYSE: MMC]. For more information, visit www.oliverwyman.com.

Arthur D. Little

Arthur D. Little has been at the forefront of innovation since 1886. We are an acknowledged thought leader in linking strategy, innovation and transformation in technology intensive and converging industries. We navigate our clients through changing business ecosystems to uncover new growth opportunities. We enable our clients to build innovation capabilities and transform their organizations. Our consultants have strong practical industry experience combined with excellent knowledge of key trends and dynamics. ADL is present in the most important business centers around the world. We are proud to serve most of the Fortune 1000 companies, in addition to other leading firms and public sector organizations. For further information, please visit www.adlittle.com

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Sønr is the world’s most comprehensive source of innovation intelligence. It is a subscription platform used by some of the best known insurance companies globally.

It tracks millions of companies around the world and provides insight on the latest market trends, the startups and scaleups reshaping the industry, and intelligence on how other big insurers are innovating.

Sønr includes a suite of tools designed for teams to better collaborate and connect. From recording meetings to capturing and sharing Notes, to being able to track and share activity across the company using Watchlists and CRM boards.

The platform is backed up by a team of consultants, researchers and analysts who support clients in discovering and creating new business opportunities.

Big data and AI executive survey 2019

Article Synopsis :

This survey looks into how big data and artificial intelligence (AI) are accelerating business transformation – and whether, in fact, they are

 The Digital Insurer reviews New Vantage Partners’s Report on Big Data and AI Executive Survey 2019 March 2019

Everything hinges on big data

Investment is on the rise

Almost all of the leading businesses (91.6%) are increasing their investment in the space so they may become more agile. Slightly more (91.7%) say the investment is needed for them to become agile and competitive businesses, while almost four in every five (87.8%) say the need to invest is urgent. Three quarters (75%) of them fear disruption from data-driven digital competitors.

More than half (55%) of firms are investing in excess of $50 million, but many companies say they are not seeing the results they would expect from this outlay. Under two thirds (62.2%) are getting measurable results from their big data and AI investments, while fewer than half compete on data and analytics (47.6%), have created a data-driven organization (31.0%), or forged a data culture (28.3%).

Culture is the constant spanner in the works

These failings have significant implications for insurance businesses, and the largest obstacle remains the challenges presented by corporate culture.

Almost four-fifths of companies (77.1%) say that the adoption of big data and AI initiatives remain major challenges.

Organisational alignment, agility and resistance are all offered by executives as reasons for a lack of progress, but in 95% of cases, the reasons are cultural challenges – ie people and process – with technology only attributed to 5% of the problem.

Mixed reviews for the role of CDOs

While the role of the chief data officer role has evolved, it remains ill-defined. More than two-thirds of companies surveyed said their CDO was ill-equipped to address the challenges they face.

There is no consensus about who should be leading the transformation process, either, with 38.2% favouring an external agent, while 32.4% prefer a company insider. Almost half (48.1%) believe CDOs should have the primary responsibility for data, though almost one third (28.4%) do not see a single role that should be accountable. Almost a fifth (17.5%) do not even consider a CDO role as necessary or any more than an interim role.

No overnight success stories

Big data and AI must be seen as a long term play. Few companies – 31% identified themselves as such – are now data driven and the vast majority won’t become so overnight. And this number has fallen from 37.1% in 2017 and 32.4% in 2018.

The highlights suggest that the industry is heading in the wrong direction. But there is an awful lot more meat on the subjects of investment, results and leadership in the full executive summary.

It certainly makes for an interesting read.

Link to Full Article:: click here

Digital Insurer's Comments

 This paper takes a timely look at how North American businesses are investing in their big data and AI capabilities. It makes for interesting, if worrying, reading.

There remain a number of structural problems that businesses have not yet successfully tackled, the largest – and most intractable – being an unsuitable corporate culture to allow projects to develop.

If the culture is killing their transformation programmes, then the increased spend will all be for nothing.

It is essential that businesses look to change their culture to one which will not only encourage, but nurture the changes that will transform the business. Or else, they will fail.

Link to Source:: click here

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