Analytics in Insurance: Dinosaur or Dynamo? Part 3

Technology Revolution: The Future of Now

Bonnie D Graham

Business News, Technology, News

4.9 • 108 Ratings

🗓️ 20 August 2014

⏱️ 56 minutes

🔗️ Recording | iTunes | RSS

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Summary

Today's buzz: Insurance. Along its paper-to-digital journey, the insurance industry has attained sophistication in the use of some analytics tools. But the industry overall is still a laggard when it comes to adopting an integrated approach across the enterprise. The best way to catch up? Establishing a Business Intelligence Center of Excellence may be the key to creating a much-needed business-driven analytics strategy. The experts speak. Michael John Bernaski, Management Consultant: "...in an information-rich world, the wealth of information means a dearth of something else: a scarcity of whatever it is that information consumes" (H. A. Simon). Monique Hesseling, Strategy Meets Action: The only true wisdom is knowing you know nothing (Socrates). Pat Saporito, SAP: "The Stone Age was marked by man's clever use of crude tools; the Information Age has been marked by man's crude use of clever tools" (Anonymous). Join us for Analytics in Insurance: Dinosaur or Dynamo? - Part 3

Transcript

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0:00.0	Welcome to the most nutritious hour of business talk all week.
0:13.7	This is Coffee Break with Game Changers, presented by SAP.
0:17.7	The best run business is run SAP.
0:20.3	Your host and moderator is Bonnie D. Graham. You'll hear from
0:23.1	the innovators who have learned to use game-changing technologies to shake up the status quo and help move
0:28.4	today's businesses in new directions. Now, here's Bonnie D. Graham. Welcome, welcome, welcome. And if you
0:34.7	want to run with the game changers, you are in the right place.
0:38.3	Today's buzz, so let's look at a match. I'm not sure it's made in heaven yet. Analytics and the
0:43.7	insurance industry are insurers' dynamos, dinosaurs, or both, maybe a little of everything.
0:50.5	Let's get started. Along its paper to digital journey, the insurance industry has
0:56.4	attained some sophistication in the use of analytic tools, but overall, sad to say, it's still
1:02.2	somewhat of a laggard when it comes to adopting an integrated approach across the enterprise.
1:08.1	How can they catch up? We're all rooting for them. We're all cheering for them.
1:11.9	We want them to modernize. We want them to treat us like people. We want them to use the tools.
1:16.5	One way they might use is to establish a BICC, a business intelligence center of excellence.
1:23.2	But there are many other ways. We have a great panel today of experts who are going to help the insurers figure it out.
1:29.5	And those of you not in the insurance industry, stick around because you might learn a lot about
1:34.3	what's going on behind the scenes with your insurance companies.
1:38.0	Aha, isn't that something we'd all like to know?
1:40.6	First on the panel, I'm very pleased to welcome Michael Bernaski.
1:43.7	He's an independent management
1:45.4	consultant working with financial services and insurance senior leadership teams. And Michael sent me
	...

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