I saw the following quote last week in one of the daily news feeds I subscribe to:
“We have data science needs all over the place.”
–Progressive Group CIO, Ray Voelker
I think we can agree that Progressive is one very forward-thinking leader in the highly competitive world of personal lines insurance, and that Mr. Voelker is one of its fastest paced leaders. He has tons of data at his fingertips as well as access to formidable resources in what Progressive calls its “Business Innovation Garage,” or BIG, which serves as Progressive’s version of Lockheed Martin’s Skunk Works. These guys KNOW what they’re doing with big data.
If Progressive, of all companies, has data science needs “all over the place,” what about you and your company? As the risk manager, you have enormous amounts of data that are critical to getting your job done. You have financial data, operational data, claim and claimant data, property data, litigation data and so much more. In effect, you are sitting on a mountain of inestimable value. But how do you tap into that value?