Analytics for Insurance


Analytics for Insurance 

Actuaries have established over a century’s worth of statistical models and best practice which have proved instrumental in shaping the insurance business model and packaging risk as a commercial product. However, the disruption brought on by technology and computing has resulted in an accumulation of data which can expand the remit of analytics beyond actuarial science to better enable underwriting, risk management, optimize customer personalization and enterprise wide decision-making. But shifting the cultural mind-set and overcoming legacy systems inherently associated with this industry is by no means an easy feat.

The Analytics for Insurance Focus Day will bring together analytics leaders from this industry to share best practices and demonstrate how analytics is revolutionizing the insurance business model.

7.55am- 8.55am

Breakfast Roundtable: Advanced Analytics for Actuaries

For Actuaries an analytical mind-set has been one of the core disciplines of and skills for centuries, leveraging advanced statistical models and to aggregate and calculate risk for underwriting. However, with advances made in technology, data science and the granularity which can be provided to personalize pricing, underwriting and claims how can Actuaries leverage this… Read more.

9.10am- 9.40am

Keynote Presentation: Measuring the impact of mature analytics on the fundamental Insurance business model

There remain many case studies and use cases of analytics within insurance but what ultimate effect will this have on today’s traditional model of insurance? Defining the road-map forward, including the capabilities needed to succeed in the insurance model of tomorrow. Evaluate trends in analytics-as-a-service and discuss the the importance of analytics in driving new… Read more.

9.40am- 10.10am

Keynote Presentation: Building an analytics roadmap in the “Big Data era”

Roadmap is based on an analytics vision for the future and the benefit of knowing what analytics to prioritize. How to integrate a flexible technology solution to support an analytics vision. Roadmap phases should not stop ongoing initiatives, rather provide a methodical approach to transforming the analytics culture. Roadmap implementation should be consistently re-visited as… Read more.

10.10am- 10.40am

Panel Discussion: Analytics innovation – an enabler to challenge and disrupt the traditional insurance model

Challenging information asymmetry regarding analytics and aligning key business stakeholders, including Data Scientists and Actuaries. Evaluate how to establish the business benefits of analytics in supporting all areas of the business including Underwriting, Product Management, Claims and Actuarial. Potential to disrupt operational efficiency, product innovation and customer relationship.

11.40am- 12.10pm

Keynote Presentation: Optimizing Data Science and actuarial practices for underwriting & pricing

Evolving the traditional means for underwriting and embracing a technological, data-driven approach for greater granularity. Examine how to position actuaries and data scientists to optimize underwriting activities. Opportunities for predictive and prescriptive analytics to better improve efficiency and effectiveness of underwriting operations.

11.40am- 12.10pm

Keynote Presentation: Using a data catalog to lift your data out of the fog

Before you can execute any data-oriented project, you must know what data you have and where it is located. Find out how to lift the data fog so business users can convert data into actionable business intelligence. Learn how Waterline Data insurance customers use a data catalog to make their data known and accessible, while… Read more.

12.10- 12.40pm

Keynote Presentation: Unleashing the potential value of your customer data – engaging and retaining customers using analytics

Connecting the dots – joining disparate pieces of customer information and leveraging external sources to build a 360 view of the customer and optimize business outcomes such as: engagement, acquisition, risk profiling and claims and underwriting. Using advanced analytics and consumer retention modelling to better understand, measure and change consumer behavior.

12.40pm- 1.10pm

Panel Discussion: The opportunities and challenges for compliance and consumer insights

What are the regulatory concerns with the use of big data analytics and new technologies within Insurance. How are regulators looking at them? Utilizing analytics to increase improve marketing outcomes through consumer granularity and micro-segmentation. Third party data, pitfalls and how did you go through the journey? How do you align your strategy across state-to-state… Read more.

2.10pm- 2.40pm

Keynote Presentation: Strategies for attracting, retaining and nurturing analytical talent into insurance

Evaluating the characteristics needed to develop a successful analytics team in insurance. Examining the skills marketplace. What can be done to remain competitive and ensure analytics professionals are interested in joining insurance?

2.40am- 3.10am

Keynote Presentation: Hidden treasures – from ‘Dark Data’ to insights

Do you have valuable data to create an effective analytics programme? Is the data ready to use? How can you demonstrate potential ROI of Dark Data Initiatives and subsequently securing Investment. Shifting from reactive to proactive! Is your data fit for purpose?

3.10pm- 3.40pm

Keynote Presentation: Utilizing Data Science to improve claims decision-making

Understand the potential of data science in improving claims process efficiency by shortening claims cycles, reducing labor costs, all of which lead to greater customer satisfaction. Assessing the power of data science in better managing macro-pressures which could impact claims made. Strategies and information being employed to better Identify fraudulent claims.

4.10pm- 4.40pm

Keynote Presentation: Better service, better segmentation, better sales – capitalizing on insights from unstructured data

Getting the full picture – how can we capture, process and integrate unstructured data? Leveraging external unstructured data to get a more complete view of the customer and offer greater levels of personalization in our products What inhibitors remain to fully utilizing unstructured data, and how can these be overcome?

4.40pm- 5.10pm

Keynote Presentation: How cloud analytics will transform the insurance business

Provide a platform of discourse for a holistic creative discussion on how analytics can capitalize on the wave of IoT disruption in the insurance value chain. Assess the varied effects on different lines of insurance, including P&C, Life and Motor Insurance. Learning to walk before you run –what preparations can be made now to leverage… Read more.

5.10pm- 5.40pm

Panel Discussion: Building your analytical capability in support of IoT – Future predictions & present preparation

Provide a platform of discourse for a holistic creative discussion on how analytics can capitalize on the wave of IoT disruption in the insurance value chain. Assess the varied effects on different lines of insurance, including P&C, Life and Motor Insurance. Learning to walk before you run –what preparations can be made now to leverage… Read more.

5.40pm- 7.00pm

Drinks Reception