Analytics for Insurance

Chapter 12Implementation

Big Data and Analytics are with us. The genie has been let out of the bottle and it is now a matter of implementation. Where to start, what to do first, how to approach the problem. Or perhaps wait and see whether with time things will get either cheaper or easier. It is tempting to think about first mover advantage in these matters, and one would do well to remember that some of the most successful brands came along second, as imitators of the innovators.

There is also the notion of ‘second mover advantage’ in effect learning from customer reaction and competitor problems to create a follow-up offering. First mover advantage doesn't always guarantee success. Who remembers ‘Archie,’ the world's first search engine in 1992, or SixDegrees.com, the first social network in 1997?

Doing nothing is a tempting proposition but not one to be recommended in the case of Big Data and Analytics. There is sufficient evidence even in the short term to show that those who embrace the idea start to rapidly and positively differentiate themselves and move away from their competition. Using data and analytics to transform an organization is not a task to be undertaken lightly. To paraphrase a famous Chinese saying, the hardest part of a 1000-mile journey is in taking the first step. Readers may be consoled to some degree to realize that reading this book alone, or even parts of it, might comprise that ‘first step.’

Throughout this publication the impact of analytics has ...