Applied Insurance Analytics: A Framework for Driving More Value from Data Assets, Technologies, and Tools

Applied Insurance Analytics: A Framework for Driving More Value from Data Assets, Technologies, and Tools

by Patricia L. Saporito
Released July 2014
Publisher(s): Pearson
ISBN: 9780133760729

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Book description

Insurers: use analytics to drive far more value from your most important asset -- data! Today, many insurers radically underutilize their data, leaving them vulnerable to traditional and non-traditional competitors alike. Now, drawing on 25 years of industry experience, Patricia Saporito shows how to systematically leverage analytics to improve business performance and customer satisfaction throughout any insurance business.

Applied Insurance Analytics demonstrates how to use analytics to systematically improve operations ranging from underwriting and risk management to claims. Even more important: it will help you drive more value everywhere by defining a focused enterprise-wide analytics strategy, and overcoming the challenges that stand in your way.

Saporito helps you assess your current analytics maturity, choose the new applications that offer the most value, and master best practices from throughout the industry and beyond. Throughout, she helps you gain more value from data assets, technologies and tools you've already invested in. You'll find new case studies, practical tools, and easy templates for improving the "Analytics IQ" of your entire enterprise.

For every insurance industry professional and manager concerned with analytics, including users, IT pros, sales/marketing specialists, and data scientists. This book will also be valuable to students in any MBA or other program focused on insurance or risk management, and to many students in IT or analytics-specific programs.

Table of contents

  1. About This eBook
  2. Title Page
  3. Copyright Page
  4. Praise for Applied Insurance Analytics
  5. Contents
  6. About the Author
  7. Preface
  8. 1. Analytics in Insurance Overview
    1. Operational Versus Traditional Analytics
    2. Key Insurance Analytics
    3. Challenges
    4. Insurance Analytics Evolution
    5. Summary
    6. Key Terms
    7. Additional Resources/Reading
  9. 2. Analytics Strategy and Execution Framework
    1. BI Strategy Framework
    2. Business Intelligence Competency Center
    3. Emerging C-Level Analytics Roles
    4. Summary
    5. Key Terms
    6. Additional Resources/Reading
  10. 3. Defining, Prioritizing, and Aligning Needs
    1. Business Needs Definition Approaches
    2. Alignment
    3. Summary
    4. Key Terms
    5. Additional Resources/Reading:
  11. 4. Defining and Using Metrics Effectively
    1. Metric Types
    2. Insurance Industry Metrics
    3. Metric Maturity
    4. Summary
    5. Key Terms
    6. Additional Resources/Reading
  12. 5. Analytics Value and Return on Investment
    1. Business Challenges
    2. Value-Based Management
    3. Insurance Analytics Value Framework: Key Drivers
    4. BI Performance Opportunities and Benchmarks for IT
    5. Summary
    6. Key Terms
    7. Additional Resources/Reading
  13. 6. Data and Information Architecture
    1. Information Strategy Framework
    2. Insurance Information Taxonomy
    3. Data Governance and Data Management Roles
    4. Data Management Tools
    5. Summary
    6. Key Terms
    7. Additional Resources/Reading
  14. 7. Analytics Tools
    1. Excel as an Analytic Tool
    2. Suites Versus Stand-Alone Tools
    3. BI Tool Costs and BI Standardization
    4. Summary
    5. Key Terms
    6. Additional Resources/Reading:
  15. 8. Organization and Implementation
    1. Objectives and Scope
    2. Organization and Governance Structure
    3. Business Needs
    4. Value Measurement and Management
    5. Information Structure and Technologies
    6. Related Topics
    7. BICC Roles and Responsibilities
    8. Summary
    9. Key Terms
    10. Additional Resources/Reading
  16. 9. Analytics Skills and Culture
    1. Analytic Skills and Analytics Value Chain
    2. Analytic Talent Management
    3. Culture and Adoption
    4. Summary
    5. Key Terms
    6. Additional Resources/Reading
  17. 10. Use Cases and Case Studies
    1. Property and Casualty
    2. Product Management
    3. Marketing
    4. Customer Relationship Management
    5. Sales and Distribution Management
    6. Underwriting
    7. Policy/Contract Administration and Service
    8. Claims
    9. Finance
    10. Enterprise Risk Management (ERM)
    11. Health Insurance Analytics
    12. Disease and Wellness Management
    13. Provider and Network Management
    14. Life Insurance Analytics
    15. Summary
    16. Key Terms
    17. Additional Resources/Reading
  18. 11. Future of Insurance Analytics
    1. Analytic Innovation Tactics
    2. Analytics Audit
    3. BI Strategy Alignment and Feasibility
    4. Recommended Reading/Additional Resources
  19. A. Analytics Evolution Models
  20. B. Actionability and Metrics Frameworks
  21. C. Analytics Blogs and Videos
    1. Decision Factor
    2. BI and Your Success, a YouTube Playlist
    3. C1: Designing the Intelligent Enterprise
    4. C2: Data Discovery: A Key Tool for Big Data Insights
    5. C3: Business Intelligence Strategy: BICCs Take Center Stage...Again!
    6. C4: Business Intelligence Strategy: BICC, A Key Element of Your BI Program.
    7. C5: Your BICC Is the Glue That Holds Business and Technology Together: Skill, Roles, and Guerilla Tactics for Promotion
  22. Index

Product information

  • Title: Applied Insurance Analytics: A Framework for Driving More Value from Data Assets, Technologies, and Tools
  • Author(s): Patricia L. Saporito
  • Release date: July 2014
  • Publisher(s): Pearson
  • ISBN: 9780133760729