The document discusses the potential for analytics in the insurance industry. It notes that while insurers currently use data for monitoring and measuring processes, analytics can enable data-driven decision making. True analytics requires capturing complex processes and leveraging multiple data sources like machine data through a multi-disciplinary team. The document advocates starting simple with analytics and provides examples from other industries of using analytics at the point of decision.

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BIG DATA ANALYTICS @THE POINT OF DECISION
POINT OF DECISION ANALYTICS FOR INSURANCE

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INDIAN INSURANCE INDUSTRY DRIVING FORCES
Analytics -
a key enabler
KEY INFLUENCERS
FY14
USD 72
billion
FY20
USD 350 -
400 billion
CapitalDigital
New
players
Optimal
Portfolio
Regulation
Data source : Sectoral Report on
Insurance, India Brand Equity
Foundation, March 2015

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ANALYTICS
≠
REPORTING / BI

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Today
• Templatized
• Process driven
• Focus on pushing information
to users
• Great tool for a business which
has a predictable trajectory
• Data Warehouses
REPORTING / BI

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• Currently most Insurers use data for
monitoring and decisioning from
process steps
• Assumption is that transaction data
at every step help measure the
process KPI’s
• Actioning on the same will lead to
business benefits
Data used for decisioning

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Today
• Templatized
• Process driven
• Focus on pushing information
to users
• Great tool for a business which
has a predictable trajectory
• Data warehouses
Future
REPORTING / BI ANALYTICS

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However the world of Insurance is complex and every product line has it’s own
environment
Need to capture these complex processes and situations at an organization level and
harness for decisioning
Data NOT used for Decisioning

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Analytics – a potent problem solving tool
COMPUTER
SCIENCE
DOMAIN
KNOWLEDGE
MATHS
AND STATS
DATA
SCIENCE
Benefit of a multi-disciplinary expert team – using
data to drill down into a problem

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Business Process Logs
Call Detail Records
Clickstream Data
Sensor Data
Database Audit logs
Web Access Log
Application Logs
There is more
machine data
generated than
that from manual
data entry !

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THE RISE OF ANALYTICS 3.0 - By Thomas H. Davenport, IIA Research Director
Analytics –
useful to
improve
intelligence at -
point of decision

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“ANALYTICS” BUSINESS CASES IN INSURANCE
Most of what is used today as analytics is in fact advanced Reporting or BI.

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Leveraging Analytics @ Point of Decision – How
Heineken does it.

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#INSURANCE ANALYTICS – START SIMPLE

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