Insurer carriers typically have no shortage of data and the amount of data collected only increases as they capture more and more information online. That said, it can be a challenge to put that data to good use. Becoming more data-driven is on many insurance company’s radar screens. It can, however, be overwhelming to decide how and where to get started.
Decision Management Solutions has developed a proven approach to help those carriers that seek to more fully harness the power and potential of their data. The DecisionsFirst approach, which helps deliver high impact analytics, is made up of three key elements:
- Begin with decisions, not with data
- Begin with operational decisions, not strategic ones
- Begin with an agile analytic deployment platform, not with visualization
We partner with an insurance company to examine a particular set of decisions. They could be marketing decisions, underwriting decisions, or adjudication decisions. We start with a discovery session that deeply examines the current decision-making approach to understand the whats, whys and hows. This process helps to identify and prioritize areas of opportunity for improving and streamlining the current decisioning approach.
From here a decision model is built based on the new data-driven approach. The DecisionsFirst framework can easily integrate the appropriate analytics, as required for the decision being made. For example, a decision service can automatically retrieve the data required to execute an analytic model in real time. The score (or other analytic output) can then be returned to the service to be used in decision making. Likewise, where appropriate, an API can call a machine learning platform for inputs required for a decision.
Once the decision model is perfected, the software solution is developed, tested and implemented based on each client’s unique technology infrastructure or our cloud-based delivery architecture. Clients can also receive a dashboard on which they can simulate future modifications to their decision criteria, rules or policies prior to implementing those changes.
DecisionsFirst™ Solutions ― Enable your organization to make more straight-through, data-driven decisions with advanced analytics, machine learning, business rules and artificial intelligence (AI).
Delivering high impact analytics: start with the decisions
McKinsey & Co. surveyed data and analytics leaders with global life insurance and property & casualty carriers. Eighty percent (80%) of responders reported that their analytics investments are not delivering high impact.
What’s stopping them from delivering high impact? A failure to integrate analytics into workflows and frontline systems.
This can be resolved by following the DecisionsFirst approach.