Cultural issues main obstacle to digital transformation

Cultural issues main obstacle to digital transformation

Corporate culture is one of the biggest hurdles in the journey to becoming a digital organisation, according to a new study by Capgemini. The study, published by analyst Brian Solis and titled ”The Digital Culture Challenge: Closing the Employee-Leadership Gap’, uncovered a big cultural disconnect between leaders and their staff. Solis spoke to more than 1,700 respondents at 340 organisations across …

Top 7 Big Data Use Cases in Insurance Industry

Top 7 Big Data Use Cases in Insurance Industry

Big Data technologies are used comprehensively to determine risk, claims and enhance customer experience, allowing insurance companies to achieve higher predictive accuracy. Let’s take a look at the major uses of big data and its technologies in the insurance industry Since the insurance industry is founded on estimating future events and measuring the risk/value of these events; volume, velocity, veracity …

Bank battle for innovation and market share needs huge live data crunching

Bank battle for innovation and market share needs huge live data crunching

When there isn’t much else to choose between brands, customer service becomes an important differentiation, and in financial services the situation has become acute. As regulators continue to make it easier for customers to switch providers, financial institutions must spend as much time keeping existing account holders happy as they do wooing new ones. Issuing apps and making it easier …

Strategic Data Stewardship: Operationalizing Data Governance

Strategic Data Stewardship: Operationalizing Data Governance

According to Fawad Butt, many companies spend a lot of time and energy building a Data Governance  and Data Stewardship Program by putting, policies, procedure, and tools into place, yet, “At the end of the day, the real operationalization work of Data Governance tends to happen through Data Stewards.” To do that well, stewards need training, support, and permission to …

Data Insights: What Would You Do If You Knew?

Data Insights: What Would You Do If You Knew?

When you try to make sense of the petabytes of data flowing across your desk you really don’t know what has value. There aren’t enough hours in the day to carefully parse each data set you have responsibility for. The most practical approach is to add some kind of a tool to automate the process. Today, we see standard vendors …

How One Startup Built Better Health Insurance With the Magic of Data

How One Startup Built Better Health Insurance With the Magic of Data

For 12.2 million Americans, signing up for health insurance in 2017 was a leap of faith: that Obamacare would make it through the year, that the health exchanges wouldn’t collapse, that premiums wouldn’t put their families on the street. For the 54,000 New Yorkers who used those exchanges to join Oscar—a millennial-beckoning insurance startup cofounded by Jared Kushner’s younger brother, …

How data analytics can help prevent insurance fraud

How data analytics can help prevent insurance fraud

While there is no doubt that the insurance segment is witnessing an unprecedented annual growth, insurers continue to struggle with loss-leading portfolios and lower insurance penetration among consumers. Insurers are facing increasing pressure to strike the right balance, while ensuring adherence to underwriting and claims decisions in the face of regulatory pressures, growth of digital channels and increasing competition. Adding …

Will EU’s new data reg hit your bank?

Will EU’s new data reg hit your bank?

Strict consumer data privacy and security regulations aren’t new to the financial services sector. However, the upcoming European Union General Data Protection Regulation (GDPR) and ePrivacy regulation add a new layer of complexity to existing practices, forcing financial service professionals to depart from business as usual when it comes to customer data. These regulations apply not only to banks and …

Four ways insurance benefits from business intelligence

Four ways insurance benefits from business intelligence

Every day, businesses are discovering new ways to tap into the power and potential of big data. Due to access to unprecedented amounts of information on business performance and consumer behaviour, companies are now able to refine their products and services in limitless ways. The insurance industry provides a good example of data being leveraged to help make beneficial business …

The Role of Social Media in Investigating Insurance Fraud

The Role of Social Media in Investigating Insurance Fraud

A Bugatti driver drove his beautiful car off the road and into the ocean. Why? It turns out the driver had insured his million dollar car for more than two million. He claimed it was an accident, but the insurance company found the action caught on video on YouTube: sufficient evidence to deny the claim and convict the driver of …