Insurers Demand Analytics on the Go
Cynthia Walker | September 29, 2014
Across the insurance industry, carriers, agents, brokers, risk advisors, and consumers have come to expect timely and secure access to vital information on the go. Forrester reports that 48 percent of global information workers use a smartphone for work, and 21 percent have bought the device themselves demonstrating that they will spend their own money to work efficiently on the go. Furthermore, many studies show that Millennials—the younger generation of insurance industry customers and employees—demand mobile access to products, services, and jobs that allow them to shop and work where and when they want.
These expectations have resulted in an explosive growth in demand across the insurance industry for complex and varied data analytics solutions accessible via mobile devices. For example, claims managers want mobile access to vendor and partner performance information to focus on problem areas that require attention while in the field. Regional and distribution managers want to receive alerts regarding channel performance via high-touch mobile dashboards.
Sales and distribution managers want to analyze broker and underwriter performance not only on price, but also on the critical issues of contract wordings and claims performance. They want to identify areas of improvement in product design, customer management, and to recognize cross-and up-sell opportunities, all via any device, anytime, anywhere.
The growing demand for mobile analytics is coming from customers and from employees at all levels of the corporation. The expanding list of desired analytics capabilities is extensive, including personal lines policy analysis, portfolio analysis, claims management, risk management appraisal, agent productivity, product distribution and claims by geographic areas, and customer behavioral patterns.
To respond to this increasing demand for secure, mobile analytics, many corporations in the industry are investing in tools, people, and process improvements that will help them gain greater business value from the volume and variety of data available to them. If done right, these investments will result in capabilities and innovations that can help improve productivity, enhance customer loyalty and retention, increase sales and profits, and reduce risks.
Doing it right requires four critical components: 1) an enterprise analytics strategy and roadmap to deliver only impactful analytics that provide high business value; 2) an enterprise mobile strategy designed for “mobile first” and delivers analytics on any device; 3) a predict, prevent, and persist analytics security strategy that reduces breaches and vulnerabilities; and 4) an agile analytics development methodology that continuously delivers and adjusts quickly to changing needs.
The enterprise analytics strategy and roadmap targets and funds only those analytics investments or initiatives that contribute directly to the achievement of business objectives. The best way to align analytics to business objectives is to frame questions that, if answered with the right data, accelerate the achievement of desired outcomes.
The enterprise mobile strategy designs analytics for mobile first, making the enterprise analytics accessible via any device (e.g., web, desktop, tablet, smartphone) while personalizing and enhancing the user experience. It stores little information on the device, making secure, mobile access to analytics cost effective and feasible—even using personal smartphones in bring-your-own-device scenarios. It enables location-aware and personalized features on the device while protecting the enterprise data in accordance with established policies and rules at the user level instead of the device level.
The predict, prevent, and persist security strategy for mobile analytics is focused around the concept of precognitive capabilities. This holistic approach uses both artificially intelligent technologies and top industry cyber professionals, with a laser focus on predicting, preventing, and persisting against cyber incidents targeting the data and analytics.
Agile development uses a continuous delivery model to rapidly deploy analytics capabilities in small iterations, providing the opportunity to pivot and adapt quickly as needs change and evolve.
In summary, to secure and retain an increasingly global and mobile workforce and customer base, the insurance industry must accelerate the pace of delivering high value, secure mobile analytics capabilities. Four critical components are essential to success: an enterprise analytics strategy and roadmap that focuses on business value; an enterprise mobile strategy that accommodates any device; a predict, prevent, and persist security strategy that reduces vulnerabilities; and agile development to deliver functionality faster while reducing risk and cost to meet changing needs.
Cynthia (Cindy) Walker is the vice president of Salient’s Data Analytics Center of Excellence at Salient Federal Solutions. She leads the development and implementation of Salient’s data analytics strategy to include predictive analytics, agile business intelligence, and big data solutions for Salient’s clients.
- Electronic Chat with Jeroen Morrenhof
- Legacy Systems Are Dead. Really? Don't Count On It.
- Now Accepting Nominations for the 2019 ITA Bridge Awards
- It's time to register for ITA LIVE!
- Registration is Now Open for ITA LIVE 2019!
- What to Expect from a Digital Experience Platform Implementation
- ITA Pro Magazine September Edition is Now Available
- It's National IT Professionals Day
- Save the Date for ITA-LIVE 2019
- OneShield Software and UrbanStat Work Together to Improve Real-Time Analytics and Risk Decision-Making
- ITA LIVE 2019 - SAVE THE DATE!
- Insurance Technology Association Announces New Editor-in-Chief
- August 2018 Edition ITA Pro Magazine is Now Available
- Enterprise Architecture in an Agile World
- Top 10 Tips for Securing Your Mobile Devices and Sensitive Client Data
- Industry Insight: 4 Global Insurance Trends in Digital, Data, Content Services and Security
- Diving Deeper into Prioritizing Your Strategic Digital investments
- Why Content Rules
- How Mass Personalization Will Open the Small Business Benefits Market
- At Year End 2017, Will Your Organization Be Protected from Cyber Risks?
- Do Insurance Bots Dream of Mitigating Risk?
- Conditioned to Respond
- Managing & Mobilizing Insurance Data in a Connected World
- Race to the Finish Line
- New Tools, New Opportunities in Claims
- ITA LIVE: Reaching Insurance Industry Crossroads
- Advice to Insurance IT Leaders: Keep Your Eye on the Ball
- New Date, Venue for ITA LIVE 2017
- Guidewire Makes Major Push to Small and Midtier Market by Acquiring ISCS
- Insurance Disruption is Happening Right Now
- Insurity Adds Strategic Investment Partner, General Atlantic
- Beyond Transformation: The Convergence of Finance, Risk, and Actuarial Functions
- The Rapid Evolution of Consumer Protection Regulation
- Talent Hunt: Finding, Attracting, Retaining Top People
- Insurers Flexing Their Distribution Models
- Technology Driving Disruption in Insurance
- Fear of ‘Next Bubble’ Challenges Life, Annuity Carriers
- Technology Allows Commercial Lines Insurers to Stand Out
- Single Sign-on Viewed as Biggest Tech Challenge for Agencies
- ISCS Observes 20th Anniversary; Scurto Predicts Major Changes Ahead
- Policyholders and Their First Impressions
- Progressive Making Progress on the UBI Front
- High and Dry: Insurers Search for Disaster Recovery Plans
- Insurers Sign The (Un)Dotted Line
- Reflections of a Retired Insurance CIO
- Mobile Device Management Just One Answer to BYOD Issue
- Lessons from GEICO and Progressive on Winning the Critical Buying Stage
- You Are a Target for a Cyber Attack
- Web-based Systems are the Next Evolution in Claims Technology
- Gaining a “Wow” Experience from Web Users
- Time to Shift from Business/IT Alignment to Business/IT Alliance
- Healthcare Insurers Changing to Consumer Model
- Organization is the Key for Selecting Software Vendors
- Analysts Expound on the Needs of the Mid-tier Insurance Market
- Finding the Cure for Obamacare’s Website
- New Software Solutions Benefit Insurers on the Inside and Outside
- Products, Market Impede Investment in Systems for Life Insurers
- Combatting Cyber Threats: Predict, Prevent, Persist
- The Future of Telematics Heads Beyond Insurance
- The Shame in Cyber Security Lapses
- Building Policy Administration Systems for the Future
- Insurers Look Into The Eyes of Their Policyholders
- It’s a New Dawn for the ITA
INSURANCE IT NEWS
- Electronic Chat with Jeroen Morrenhof
- 2019 Global Insurance Accelerator Cohort Reflects Evolution of InsurTech
- Nearly 50% of US Insurers Are Enhancing Security Capabilities Across the Board, Says Novarica
- Xchange Benefits Acquires the Assets of J. Allan Hall & Associates, Inc.
- HazardHub Celebrates 2018
- Slice Launch Studio
- Crawford Technologies Experiences its Strongest Year of Sales and Growth
- InsureTech Company Accurence Secures Fourth Patent
The Email Chat is a regular feature of the ITA Pro magazine and website. We send a series of questions to an insurance IT leader in search of thought-provoking responses on important issues facing the insurance industry.
ITA LIVE 2019
The tide is up! It's time to register for ITA LIVE 2019, our annual educational and networking conference! Our theme is "The InsurTech Revolution: Cutting Through the Hype." and we'll be bringing in a torrent of industry thought leaders, amazing insight and wonderful perspectives on the world of insurtech and its impact on the insurance landscape.
ITA LIVE 2019 will present real-life examples of true startup technologies that are helping insurers gain real advantage -- and a competitive edge -- in the marketplace. We’ll highlight the more successful InsurTech partnerships, while offering case studies that demonstrate exciting innovation and cutting-edge techniques impacting all aspects of the insurance ecosystem.
Ride the wave to LIVE 2019. Sign up today! We look forward to seeing you in May, 2019!
BLOGS AND COLUMNS
You have surely heard it said that small businesses are the growth engine for America. Today, the phrase has a special ring to it for benefits... READ MORE
With stagnant growth and lingering low interest rates, the life insurance industry faces a challenging future... READ MORE
Finding insurance carriers willing to write commercial lines risks has always been a challenge for producers... READ MORE
As Guidewire Software prepares for the start of Connections, its 11th annual user conference that begins on Nov. 2, Brian Desmond, chief marketing... READ MORE