"75% of insurers plan to increase the IT investment in data and analytics over the next 3 years, with 70% of them focusing on investments in underwriting."
– SMA research Data & Analytics 2012
Insurance is a data rich industry. Data is one of an insurance company's most valuable assets, and the ability to manage data has quickly become a competitive advantage.
Top insurance companies are leveraging data for improved efficiencies in underwriting, fraud reduction, customer experience and claims. But even leading organizations are facing an explosion in the quantity and sources of data as well as the challenges of legacy systems which find data in product, channel, geographic and business unit silos.
Recent research by leading consulting firm SMA investigates this topic, and reveals how Canadian insurance organizations perform. We welcome you to joing SMA founder, Deb Smallwood, as she presents a Canadian perspective on the trends and maturity in the use of data and analytics in the insurance industry and the underwriting automation.
This complimentary session will provide insights on the use of data, analytics and technology, and underscore how improved data management is driving efficiencies in underwriting automation.
- 8:30 am - Registration and Breakfast
- 9:00 am -
- Research presentation by Deb Smallwood
- Trends and Maturity in the Use of Data & Analytics
- Underwriting Automation
- Data Best Practices
- 9:45 am - Panel Discussion hosted by Deb Smallwood
- 10:30 am - Session ends
"As the competitive landscape shifts and the demand for quick (or even immediate) response becomes increasingly important to winning the business, the need for accurate, disciplined, consistent, and precise underwriting takes on a new level of importance. For most personal lines, automated underwriting, as a part of straight-through-processing, is a must-have capability to stay in the game. Commercial lines automation is moving there quickly, many insurers already have straight-through-processing for small, simple risks. The real competitive lever is the intelligence. Precision and predictable insights afford advantage and are clearly the major competitive weapons for the coming years."
– Deb Smallwood, SMA Founder
Deborah M. Smallwood
Founder, Strategy Meets Action.
Deb is the founder of Strategy Meets Action, a strategic advisory firm offering a unique blend of advisory, research, and project-based consulting services to both insurance companies and solution providers. She is widely recognized for her expertise in helping insurance companies re-think, re-energize, and re-tool their IT plans and technology investments to enable profitable growth and differentiate with innovation. Those seeking an edge in today’s highly competitive world turn to Deb to capitalize on her deep industry knowledge and experience; specialized understanding of business and IT strategy linkage with a focus in distribution and underwriting
Prior to launching Strategy Meets Action, Deb held a variety of leadership roles including VP of the Insurance Practice at TowerGroup, Chief Transformation Officer (CIO) at Insurance Company of The West (ICW), Partner at KPMG LLC, and Head of Commercial Lines Application Development at Liberty Mutual.