Insurance Moneyball: Winning in the Digital Age of Insurance
Insurers have been masters of data for centuries. Data continues to be the lifeblood of the industry. But dramatic changes in the industry from the types of risk, new sources of data, contributory data, advanced and embedded data, and analytics are putting many insurers behind the curve — aware of the promise and potential of these advances but stuck in their traditional methods made up of silos of internal data and dated analytic techniques. In many ways, it is similar to the now-famous story of the Oakland A’s in the book Moneyball: The Art of Winning an Unfair Game by Michael Lewis. Similar to insurers stuck in centuries-old business assumptions, Moneyball shows that the centuries-old collective wisdom of baseball insiders was subjective, flawed, and did not keep up with a 21st-century reality.
That changed with a forward-thinking data analyst and statistician who uncovered better indicators for success, which often contradicted long-held business assumptions and historical beliefs, but proved to be an organizational winner … helping the Oakland A’s assemble a competitive team that took them to the playoffs against teams who spent far more money on players.
The same thing is happening in insurance today. Forward-thinking companies – startups and existing – are leveraging new sources of data and using sophisticated analytics to reinvent insurance.
These companies are positioning themselves to be the market leaders in a new digital era of insurance. They are recognizing the relationship to game theory regarding their risk models, operating models, and more. Data and analytics is a key enabler to provide risk products and services personalized for each customer.
This webinar will discuss this rapid shift and the increased importance of data and analytics including contributory data, AI/ML models, and ecosystem of partners that provide new insights across the entire value chain. It will discuss what leading insurers are doing and provide insight into what Majesco is doing to accelerate this transition for the insurance industry.
It is a new age for insurance … are you ready to join? If so, join us for this insightful webinar.
Denise Garth, Chief Strategy Officer – Majesco
Pat Davis, Senior Executive, Data & Analytics Business Unit & Loss Control 360 – Majesco
Ed Rogers, Head of Data Science – Majesco
Donald Light, Director, North America Property Casualty Practice – Celent