In a digital economy those companies that own and analyse data are increasingly powerful.
On the one hand the real-time data from connected:
- Plant & Machinery
- Supply chain
Deriving actionable insight needs more than just technology. BI & Analytics Officers are likely to plan why and what they need to analyse- i.e. what will they change as a result of these new insights.
This overlooks a major gap however- the boring but vital data that is inaccessible - unstructured data in:
- Word documents
- Web Forms
- Audio files
Without analysing this vital information is missed, decisions are poor and profitability suffers.It is not untypical to find 90% of an insurers data is inaccessible!
A Chief Data Officer is needed as much as a Chief Analytics Officer. That makes a strong team together with a Chief Digital Officer. That's a sign of moving from being analogue to being digital!
The 90% of data can be accessed though-
As insurers evolve their analytics strategies from gathering information to interpreting data, the appointment of chief analytics officers and data scientists have become more prevalent throughout the industry compared to that of chief data officers, according to a new study by Strategy Meets Action. Currently, 22% of personal lines carriers, 19% of commercial insurers and 16% of life & annuity companies have chief analytics officers, SMA finds, Its report “The new era of insurance analytics: Leveraging the SMA data and analytics spectrum,” surveyed 87 insurers.