Test-and-learn approach and collaboration with third-party sources lessen risk of analytics inaccuracies: Novarica
Boston, MA (Mar. 7, 2019) – With increased focus on analytics and big data initiatives, insurers are realizing they must invest in more effective uses of data science. In a new report, Data Science in Insurance: Expansion and Key Issues, research and advisory firm Novarica discusses the benefits of investment in this key area, as well as the challenges that arise around organization, new data, and talent.
“Data is a resource that insurance companies possess in large quantities,” said Nancy Casbarro, Vice President of Research and Consulting, and co-author of Novarica’s new report. “Capitalizing on that resource-and combining it with talented data science professionals and an openness to iterate through the findings-can pay enormous dividends. Support for this endeavor may be difficult to garner unless leadership can shine a light on and endorse the potential benefits.”
A preview of the brief is available online.
As investment in data science expands, challenges arise around organization, new data, and talent. CIOs are finding that older practices and techniques won’t work in this rapidly changing environment.
Successful data science programs need to go outside normal channels to find and grow talent as well as to leverage technology on cloud platforms. Unlike other types of investment, data science ROI is hard to quantify. Strong business advocacy is crucial from the outset to create a sustained capability and ensure impactful results aligned with business strategy.
Click here for the table of contents or to access the report.
Novarica helps more than 100 insurers make better decisions about technology projects and strategy through retained advisory services, published research, and strategy consulting. Its knowledge base covers trends, benchmarks, best practices, case studies, and vendor solutions. Leveraging the expertise of its senior team and more than 300 CIO Research Council members, Novarica provides clients with the ability to make faster, better, more informed decisions. Its consulting services focus on vendor selection, custom benchmarking, project checkpoints, and IT strategy. For more information, visit www.novarica.com.