Tony Boobier

Analytics for Insurance

The Real Business of Big Data

• Gebundenes Buch

Produktbeschreibung

The business guide to Big Data in insurance, with practical application insight

Big Data and Analytics for Insurers is the industry-specific guide to creating operational effectiveness, managing risk, improving financials, and retaining customers. Written from a non-IT perspective, this book focusses less on the architecture and technical details, instead providing practical guidance on translating analytics into target delivery. The discussion examines implementation, interpretation, and application to show you what Big Data can do for your business, with insights and examples targeted specifically to the insurance industry. From fraud analytics in claims management, to customer analytics, to risk analytics in Solvency 2, comprehensive coverage presented in accessible language makes this guide an invaluable resource for any insurance professional.

The insurance industry is heavily dependent on data, and the advent of Big Data and analytics represents a major advance with tremendous potential - yet clear, practical advice on the business side of analytics is lacking. This book fills the void with concrete information on using Big Data in the context of day-to-day insurance operations and strategy.
_ Understand what Big Data is and what it can do
_ Delve into Big Data's specific impact on the insurance industry
_ Learn how advanced analytics can revolutionise the industry
_ Bring Big Data out of IT and into strategy, management, marketing, and more

Big Data and analytics is changing business - but how? The majority of Big Data guides discuss data collection, database administration, advanced analytics, and the power of Big Data - but what do you actually do with it? Big Data and Analytics for Insurers answers your questions in real, everyday business terms, tailored specifically to the insurance industry's unique needs, challenges, and targets.

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Produktdetails

• Wiley Finance Series 1
• Verlag: Wiley / Wiley & Sons
• Artikelnr. des Verlages: 1W119141070
• 1. Auflage
• Seitenzahl: 296
• Erscheinungstermin: 10. Oktober 2016
• Englisch
• Abmessung: 252mm x 179mm x 25mm
• Gewicht: 660g
• ISBN-13: 9781119141075
• ISBN-10: 1119141079
• Artikelnr.: 44789097

Autorenporträt

TONY BOOBIER is a worldwide executive at IBM focussing on the insurance industry. With over 30 years of experience, he is a frequent writer and international public speaker. As author of numerous articles on a wide range of topics ranging from claims management to analytical insight, he possesses a deep understanding of the application of business intelligence and analytics in the international insurance industry and holds a successful track record conceiving and introducing changes in the operations and management of national service and delivery organizations.

Inhaltsangabe

Preface xi

Acknowledgements xiii

About the Author xv

CHAPTER 1 Introduction - The New 'Real Business' 1

1.1 On the Point of Transformation 2

1.1.1 Big Data Defined by Its Characteristics 3

1.1.2 The Hierarchy of Analytics, and how Value is Obtained from Data 6

1.1.3 Next Generation Analytics 7

1.1.4 Between the Data and the Analytics 9

1.2 Big Data and Analytics for All Insurers 10

1.2.1 Three Key Imperatives 10

1.2.2 The Role of Intermediaries 13

1.2.3 Geographical Perspectives 14

1.2.4 Analytics and the Internet of Things 15

1.2.5 Scale Benefit - or Size Disadvantage? 15

1.3 How Do Analytics Actually Work? 17

1.3.1 Business Intelligence 18

1.3.2 Predictive Analytics 20

1.3.3 Prescriptive Analytics 22

1.3.4 Cognitive Computing 23

Notes 24

CHAPTER 2 Analytics and the Office of Finance 25

2.1 The Challenges of Finance 26

2.2 Performance Management and Integrated Decision-making 27

2.3 Finance and Insurance 27

2.4 Reporting and Regulatory Disclosure 29

2.5 GAAP and IFRS 29

2.6 Mergers, Acquisitions, and Divestments 30

2.7 Transparency, Misrepresentation, The Securities Act and 'SOX' 31

2.8 Social Media and Financial Analytics 32

2.9 Sales Management and Distribution Channels 33

2.9.1 Agents and Producers 34

2.9.2 Distribution Management 35

Notes 36

CHAPTER 3 Managing Financial Risk across the Insurance Enterprise 37

3.1 Solvency II 37

3.2 Solvency II, Cloud Computing and Shared Services 40

3.3 'Sweating the Assets' 40

3.4 Solvency II and IFRS 41

3.5 The Changing Role of the CRO 42

3.6 CRO as the Customer Advocate 45

3.7 Analytics and the Challenge of Unpredictability 45

3.8 The Importance of Reinsurance 46

3.9 Risk Adjusted Decision-Making 46

Notes 49

CHAPTER 4 Underwriting 51

4.1 Underwriting and Big Data 52

4.2 Underwriting for Specialist Lines 54

4.3 Telematics and User-Based Insurance as an Underwriting Tool 55

4.4 Underwriting for Fraud Avoidance 56

4.5 Analytics and Building Information Management (BIM) 57

Notes 58

CHAPTER 5 Claims and the 'Moment of Truth' 61

5.1 'Indemnity' and the Contractual Entitlement 61

5.2 Claims Fraud 62

5.2.1 Opportunistic Fraud 63

5.2.2 Organized Fraud 64

5.3 Property Repairs and Supply Chain Management 66

5.4 Auto Repairs 71

5.5 Transforming the Handling of Complex Domestic Claims 73

5.5.1 The Digital Investigator 73

5.5.2 Potential Changes in the Claims Process 75

5.5.3 Reinvention of the Supplier Ecosystem 76

5.6 Levels of Inspection 77

5.6.1 Reserving 78

5.6.2 Business Interruption 79

5.6.3 Subrogation 80

5.7 Motor Assessing and Loss Adjusting 81

5.7.1 Motor Assessing 82

5.7.2 Loss Adjusting 83

5.7.3 Property Claims Networks 84

5.7.4 Adjustment of Cybersecurity Claims 87

5.7.5 The Demographic Time Bomb in Adjusting 87

Notes 88

CHAPTER 6 Analytics and Marketing 91

6.1 Customer Acquisition and Retention 93

6.2 Social Media Analytics 96

6.3 Demography and How Population Matters 97

6.4 Segmentation 98

6.5 Promotion Strategy 100

6.6 Branding and Pricing 100

6.7 Pr

Rezensionen

"..essential reading for insurance management of all levels and specialities, for students, and for IT suppliers to the insurance industry." (Only Strategic, December 2016)