October 2016
Beginner to intermediate
296 pages
10h 27m
English
Content preview from Analytics for Insurance
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Chapter 11Analytics and Insurance People
As far as the topic of analytics in insurance is considered, there is a tendency to think of it as being only ‘outwards facing,’ that is to say, concerned only with data and issues outside the insurance organization. If an insurer is to become truly analytical and have analytics as part of its DNA then it also needs to be inward looking. This means that it needs not only to understand the capabilities necessary for success but also to create or develop a talent pool to ensure that those capabilities are:
- Aligned with the strategy of the organization
- Able to realistically understand the current situation
- Have the ability to prioritize development.
11.1 Talent Management
Whilst not specific to insurance, it is nevertheless appropriate to consider talent analytics in an insurance context if only to allow us to examine the application of analytics across the entire insurance enterprise. The concept of talent management and talent analytics is not new. It has been around for a couple of decades and to some degree the terms are interchangeable. However in recent years, the maturing of analytical software for employee management has continued and has led to greater sophistication.
The insurance industry is a major employer. The US Bureau of Labor indicated in their 2008 report that US insurers employed about 2.3 million people1 with insurance carriers accounting for 62% of US insurance industry jobs, and with brokers, agents and other intermediaries ...
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