The insurance industry is becoming increasingly focused on the digitalization of its business processes. There are many factors driving digitalization, but it’s clear that a reliable and meaningful database is the basic prerequisite successful digitalization strategy. Insurance companies are increasingly prioritizing digitalization, not because this issue is currently "in," but […]
In many ways financial services is about risk management. Regulatory pressures such as BCBS 239, stress-testing, IFRS9, Solvency II and the Fundamental Review of Trading Book have hugely strengthened that focus. But there are other concerns too. Cost pressures are increasingly important, as is the rise of challengers to the […]
Disrupting risk management: how financial models are changing was published on SAS Voices.
Insurers are embracing digital to meet the demands of modern consumers. And, of course, there are obvious benefits to them from less costly, more streamlined interactions with their customers. The trouble is that digitisation comes with a major health warning: Unless insurers put suitable measures in place, they're at risk […]
“All for one and one for all” is best known as the motto from “The Three Musketeers”, but this phrase could easily sum up the growing trend in social brokers. With advanced analytical techniques like generalized linear modeling insurance companies have created more granular pricing structures. But despite the assertions […]
One of colleagues often asks me “What’s new in insurance”. For an industry that is risk adverse, change does not come easily. In the past we have discussed innovations concerning telematics, drones, wearables devices and even weather data. However when he asked me last week and I responded that the […]
Nothing works today without an efficient data management – also in insurance business. A standard data model can be an important component of it. This article explains why. “Make or Buy”? This question has been raised very often by insurance companies planning to introduce a consistent data structure – a […]
The post Faster, easier, safer: a standard data model for insurance appeared first on The Analytic Insurer.
How many of us have used the phrases… It’s a piece of cake Anyone can do it It’s as easy as ABC I could do it with my eyes shut When it comes to business intelligence it should be “easy peasy” but for many organization it can still be a […]
In a recent blog I wrote about how big data is a game changer for the insurance industry. But the question that is often asked “What is big data”? Many people associate big data with the 4 V’s: Volume – The sheer size of data that is produced. Velocity – […]