Risk managers cite a number of challenges in making use of data. We partnered with Airmic and Aon to research and address the challenges faced when managing data analytics in risk management.
Jamie McDonnell, on Jul 25, 2018
One of the biggest changes for Risk Managers in the wake of the Insurance Act 2015 coming into force in August 2016 is a new responsibility for interpreting as well as collating risk data.
I read, with great interest, the trailing article from the Wall Street Journal, this week - Golfers Join the Rest of World, Use Data
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?
Dawn Zoppa, on Nov 11, 2015
Attendees at this week’s National Workers’ Compensation and Disability Conference (NWCDC) will undoubtedly hear a lot about all things analytics, from Big Data to the Internet of Things to predictive modeling. It’s important to remember, however, that high-quality, complete and relevant data is the foundation of effective analytics of any kind. There are some important, often-unappreciated prerequisites for effective analytics that insurance entities should bear in mind.
Do you understand how risk management data flows through your organization, arrives at your desk in a useful manner, and hopefully, contributes to good decisions all over your company? Defining the way that information moves in a company or other organization may help provide you with insights about ways the process can be streamlined and made more efficient and effective. This risk management data flow could be independent of any computer systems (or lack of them) to begin with. Of course, the right technology can make this entire process more efficient and productive.
The difference in definition between accuracy and precision is quite subtle. However, the slight difference in definition might make all the difference in the world. There's a good sports analogy that explains the difference between accuracy and precision. This analogy should help with the rest of this discussion.
Angus Rhodes, on Sep 11, 2015
A risk manager's job description may vary considerably by the size and type of a company. A risk management department usually gets tasked with several critical duties. These could include investigating incident reports, preparing commercial insurance submissions, identifying potential hazards, developing safety programs, reporting to the executive suite, and much more.
Angus Rhodes, on Aug 31, 2015
Many companies already have risk management strategies in place. Managers of these companies may wonder how a risk management information system, or RMIS, can help them improve their processes in order to save time, get better results, and of course, reduce the chance of accidents. At the same time, managers may wonder if they will have to change the way that they do business in order to implement new technology.
While the number of companies that form captives keeps increasing, there are a number of factors that are increasing the pressure on captive managers. These include regulations and compliance, controlling premiums, and not to mention the pressure of becoming a cost-effective solution for their parent companies. Still, many captive managers still rely on the old ways of captive reporting and captive data gathering. These processes are inefficient and unreliable. That's why a risk management system, or RMIS, is almost essential to captive organizations today.