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Kristi McFarlin

Recent Posts by Kristi McFarlin:

Risk Managers: Harness the Power of Data and Analytics

Data is everywhere, and technology has given risk managers the tools to work with it directly, finding the answers they need to drive their businesses forward.

Data and analytics have always been the language of insurance.

“Go back to the early days of Lloyd’s, when underwriters of the day met in coffee houses to share their experiences around which ships successfully made it to port. That’s how marine insurance beganwith people pooling information and using it to inform business decisions,” said Rob Hoyt, Department Head and Professor of Risk Management and Insurance in the Terry College of Business at the University of Georgia. 

But as the insurance industry became more formalized, actuarial science emerged as a way to institutionalize the process of collecting data and applying it to the practice of evaluating and pricing risk. As data analytics fueled the growth and sophistication of the insurance and risk management industry, it also grew increasingly siloed to a subset of specialists. 

Topics: analytics RiskConsole Advance

Digital insights are the new currency of business; is your risk, insurance, or safety team positioned to capitalize on its data reserves?

I recently came across a Forrester report on “The Insights-Driven Business,” which urges companies to join the leading-edge businesses who “harness and apply data and analytics at every opportunity to differentiate their products and customer experiences.” The report got me thinking about what risk, insurance, and safety teams can do to make their groups insights-driven—even if their company has yet to become fully data-driven, let alone insights-driven.

Topics: analytics Analytics und Reporting RiskConsole Advance

IBM Watson Analytics is now embedded in RiskConsole Advance: Why it’s a big deal

January 18, 2018, was a momentous day for Ventiv Technology: We announced that IBM Watson Analytics is now available as part of our risk management software solution, RiskConsole Advance. Why do we think this is such an important development? In short, because with Watson Analytics, we’ve reimagined what advanced analytics can do for the risk, claims, and safety profession. Now, users at all levels are now empowered to perform automated predictive analytics. No longer do our clients need to incur the cost-prohibitive and time-consuming work of engaging outside data scientists.

Topics: predictive analytics analytics Analytics und Reporting RiskConsole Advance