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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 enable our clients to build innovation capabilities and transform their organizations. 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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Finnovating is a Matching as a service platform that enables X-Techs from all around the word to connect , collaborate and get the funding they need to grow from investors and corporations globally. The Finnovating platform is a space were the key players of the Tech industry can connect together easily and boost global Tech innovations.

SØNR

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.

Digital Insurance powered by Big Data – Accenture Report

Article Synopsis :

In the research presentation “Digital Insurance powered by Big Data”, Accenture summarise the benefits of big data applications for the insurance industry from a  cost, efficiency, reliability, and business agility perspective.

 The Digital Insurer reviews Accenture’s Report on Digital Insurance powered by Big Data

 Big Data is an enabler for insurers to transform their businesses 

Accenture also present reference architecture for big data deployment, which insurers can use to start their big data journey.  As outlined in the presentation, the volume of data available to businesses from both internal systems and external channels has helped organisations use big data for analysing customer behaviour, combining data sources and improving customer personalisation.

The key areas where big data is used today in the insurance value chain are:

  • Analysing customer behaviour
  • Bringing together different data sources
  • Improving personalization of customer
  • Making data a revenue generator, not just a supporting function
  • Enhancing responsiveness to market dynamics
  • Generating reports faster than currently possible
  • Enhancing customer relationships
  • Developing new products/services
  • Identifying cost reduction opportunities

As also highlighted in the presentation, the advantages of using analytical applications and big data streams are significant and insurers can benefit from evolving technology and big data in the following areas:

  • Product Development
  • Marketing & Sales
  • Policy Administration
  • Claims & Benefit Management
  • Asset management

The presentation outlines some current examples of big data coming into play – the connected car and the connected home and also gives the example of Discovery Insurance which has disrupted the Life/Health insurance segment through big data and retail brand communities.

Deploying big data applications entails a high level of complexity and Accenture suggest that insurers should start small, scale fast, test and learn and be agile:

  • Launch business pilots with available data and use existing cloud solutions if internal takes too long
  • Expand pilots with internal and external Big Data
  • In parallel develop a Digital value creation road map aligned with group strategy
  • Develop Digital Factory / Big Data CoE capability on back of pilot streams
  • Industrialise successful initiatives
  • Build and expand real-time capabilities

Finally, the presentation ends with some operational and implementation considerations and the team present a data discovery operating model followed by a big data analytics methodology

Digital Insurer's Comments

Big data has the potential to disrupt the way insurance is run as there are many innovative ways insurance companies can respond to change utilising big data and analytics techniques.  Insurers will require agile and innovative solutions that incorporate structured and unstructured customer data to anticipate customer needs and preferences. We believe the key components to cracking big data are:

  • Data extraction
  • Data analysis
  • Data application

Those insurers that can successfully execute the above will be the winners in the big data game.

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