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

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. Title Page
  2. Copyright Page
  3. Dedication
  4. Contents
  5. Foreword [This content is currently in development.]
  6. Acknowledgments [This content is currently in development.]
  7. About the Author
  8. Preface/Introduction
  9. Chapter 1. Analytics in Insurance Overview
    1. Operational vs. Traditional Analytics
    2. External Data
    3. Insurance Industry Data Flow
    4. Analytic Maturity
    5. Key Insurance Analytics
    6. Analytics Users & Usability
    7. Challenges
    8. Insurance Analytics Evolution
    9. Summary
  10. Chapter 2. Analytics Strategy & Execution Framework
    1. BI Strategy Framework
    2. Business Intelligence Competency Center
    3. Executive Sponsorship and Key Roles
    4. Emerging C-Level Analytics Roles
    5. Summary
  11. Chapter 3. Defining, Prioritizing and Aligning Needs
    1. Business Needs Definition Approaches
    2. Prioritization
    3. Alignment
    4. Summary
  12. Chapter 4. Defining and Using Metrics Effectively
    1. Metric Types
    2. Metric Visualization
    3. Insurance Industry Metrics
    4. Metric Maturity
    5. Summary
  13. Chapter 5. Analytics Value & Return on Investment
    1. Introduction
    2. Business Challenges
    3. Value Based Management
    4. Insurance Analytics Value Framework: Key Drivers
    5. BI Performance Opportunities & Benchmarks for IT
    6. Using BI Competency Centers to Institutionalize Value
    7. Business Performance Based Approach to Value
    8. Summary
  14. Chapter 6. Data & Information Architecture
    1. Information Strategy Framework
    2. Insurance Information Taxonomy
    3. Data Model Uses
    4. Build or Buy
    5. Data Governance and Data Management Roles
    6. Data Management Roles
    7. Data Management Tools
    8. Summary
    9. Books
    10. Professional Associations
  15. Chapter 7. Tools
    1. Excel as an Analytic Tool
    2. Suites vs. Stand Alone Tools
    3. Structured Data Analytics Tool Types
    4. User Categories and Recommended Structured Data Tool Types
    5. Unstructured Data Analytics Tools and Text Mining
    6. Platforms
    7. BI Tool Costs & BI Standardization
    8. Summary
    9. Books:
  16. Chapter 8. Organization & Implementation
    1. Objectives & Scope
    2. Organization & Governance Structure
    3. Business Needs
    4. Value Measurement and Management
    5. Information Structure & Technologies
    6. Related Topics:
    7. BICC Program Governance
    8. BI Roadmap and Milestones
    9. BICC KPIs and Measurement
    10. Training & Education
    11. User Support
    12. BICC Organization Structures
    13. BICC Roles & Responsibilities
    14. Establishing a BICC
    15. Summary
  17. Chapter 9. Analytics Skills & Analytic Culture
    1. Analytic Skills Spectrum
    2. Analytic Talent Management
    3. Culture and Adoption
    4. Education and Mentoring
    5. Summary
    6. Books/Other Reading
    7. Professional Associations
  18. Chapter 10. Industry Use Cases & Case Studies
    1. Property & Casualty
    2. Product Management
    3. Marketing
    4. Sales and Distribution Management
    5. Underwriting
    6. Policy/Contract Administration and Service
    7. Claims
    8. Finance
    9. External and Internal Reporting
    10. Case Study: C N A Financial Data Warehouse
    11. Enterprise Risk Management (ERM)
    12. Health Analytics
    13. Life Insurance Analytics
    14. Summary
    15. Additional Resources/Reading
    16. Professional Associations
  19. Chapter 11. Future of Insurance Analytics
    1. Analytic Innovation Tactics
    2. Analytics Audit
    3. BI Strategy Alignment and Feasibility
    4. Conduct a Business Discovery
    5. Current/Future Needs
    6. Business Value
    7. Recommended Reading/Additional Resources
    8. Events/Forums
  20. Appendix A. Analytics Evolution Models
  21. Appendix B. Actionability & Metrics Frameworks
  22. Appendix C. Blogs & Videos
    1. Decisions 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! (Part 1 of 3 in a Series on BI Competency Centers)
    6. C4: Business Intelligence Strategy: BICC, A Key Element of Your BI Program. (Part 2 of 3 in a Series on BI Competency Centers)
    7. C5: Your BICC is the Glue That Holds Business and Technology Together: Skill, Roles and Guerilla Tactics for Promotion (Part 3 of 3 in a Series on BI Competency Centers)
  23. Appendix D. BI Strategy Articles [This content is currently in development.]