Applied Insurance Analytics: A Framework for Driving More Value from Data Assets, Technologies, and Tools (FT Press Analytics)

Applied Insurance Analytics: A Framework for Driving More Value from Data Assets, Technologies, and Tools (FT Press Analytics)
By Patricia L Saporito

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Product Description

Insurers: use analytics to drive far more value from your most important asset -- data! Today, many insurers radically underutilize their data, leaving them vulnerable to traditional and non-traditional competitors alike. Now, drawing on 25 years of industry experience, Patricia Saporito shows how to systematically leverage analytics to improve business performance and customer satisfaction throughout any insurance business.

 

Applied Insurance Analytics demonstrates how to use analytics to systematically improve operations ranging from underwriting and risk management to claims. Even more important: it will help you drive more value everywhere by defining a focused enterprise-wide analytics strategy, and overcoming the challenges that stand in your way.

Saporito helps you assess your current analytics maturity, choose the new applications that offer the most value, and master best practices from throughout the industry and beyond. Throughout, she helps you gain more value from data assets, technologies and tools you've already invested in. You'll find new case studies, practical tools, and easy templates for improving the "Analytics IQ" of your entire enterprise.

 

For every insurance industry professional and manager concerned with analytics, including users, IT pros, sales/marketing specialists, and data scientists. This book will also be valuable to students in any MBA or other program focused on insurance or risk management, and to many students in IT or analytics-specific programs.


Product Details

  • Amazon Sales Rank: #1094688 in Books
  • Published on: 2014-07-17
  • Original language: English
  • Number of items: 1
  • Dimensions: 9.10" h x .80" w x 6.30" l, .0 pounds
  • Binding: Hardcover
  • 208 pages

Editorial Reviews

Review

Praise for Applied Insurance Analytics

 

“Pat Saporito is one of the sharpest minds in the IT business for insurance and financial services. Her deep understanding of the playing field and her devotion to analytics as a key to optimum business processes is unmatched. In particular, Pat really gets it when it comes to the critical importance of the business/IT relationship, and she knows how to apply her wit and wisdom to make all the players around her better.”
—Ara Trembly, Founder, The Tech Consultant

 

“Pat’s vast experience, knowledge and insights come to life in this book, a must read for all insurers.”
—Deb Smallwood, Founder, Strategy Meets Action

 

“Finally, Pat has provided a data analytics roadmap for insurance industry decision makers—not just research, but applied research to our industry.”
—John A. Cherba, Past President, Society of Insurance Research

 

“Pat Saporito is that rare individual who understands the business end of insurance and can then match business needs with the supporting technology. She cuts right through the jargon with specific insights about insurance business needs, the data at the heart of our business, and applying analytics for optimal outcomes. Essential reading for anyone who needs to leverage data to drive business results. Pat worked closely with me as an advisor to the Institutes’ Associate in Information Technology (AIT) program and also with the Insurance Data Management Association (IDMA). Anyone studying analytics or insurance data (such as the AIDM or CIDM from IDMA) will find this to be valuable supplemental reading and a treasured reference.”
—Martin J. Frappolli, CPCU, FIDM, Senior Director of Knowledge Resources, The Institutes (Institute for Chartered Property Casualty Underwriters and Insurance Institute of America)

 

“Pat’s experience, knowledge, and know-how make her one of the few insurance data professionals who can provide practical and reasonable advice and insight on data uses and needs to carriers and insurance organizations.”
—Bill Jenkins, Managing Partner, Agile Insurance Analytics and former CIO, Penn National Insurance

 

“As we move into a time with big data and cognitive computing, we are very fortunate as an industry to have thought leadership that brings front and center—as Pat has discussed in her book—topics that we must incorporate and look to as points of reference and most importantly, lessons learned. Great reference materials and perspectives!”
—Cindy Maike, Associate Partner, Insurance, Global Business Services, IBM

 

“Pat Saporito is acknowledged by all who know her as the consummate industry thought leader. Given her range of experience from the business to IT and analytics, she is a tireless evangelist for communication among all the parties that make our industry tick. I am excited about her using her passion for analytics to empower the business users and their technology partners.”
—Beth Grossman, Chief Learning Officer, ACORD

 

“Pat Saporito is both an insurance industry analytics thought leader and a pragmatist. She uses her extensive industry experience to help insurers understand key use cases and then makes them come to life using actual industry case studies.”
—Dennis A. Steckler, Partner, Global Insurance Solutions, Return on Intelligence, Inc.

 

“I have had the pleasure to work with Pat on a number of occasions to talk with clients about the business value of analytics. Pat knows this better than anyone I know. In her book, she connects the dots between business challenges and analytics capabilities in the insurance industry and provides a roadmap on how to optimize analytics in practice.”
—Dwight McNeill, Professor and Author of A Framework for Applying Analytics in Healthcare: What Can Be Learned from the Best Practices in Retail, Banking, Politics, and Sports.

 

“Pat provides an in-depth analysis and guideline to the competitive advantage weapon for the Insurance industry winners of the future. The difference between winners and losers will be analytics—Pat provides an in-depth guide for successful adoption.”
—Piyush Singh, CPCU, SVP and CIO, Great American Insurance Co.

From the Back Cover

Most insurers fail to fully exploit their greatest asset: data. Why? Because their use of analytics is largely limited to stovepiped operational areas such as underwriting, claims, marketing, or risk management. To unleash the value buried in your data, you need an analytics strategy that is enterprise-wide, business driven, and performance-focused.

 

In this book, industry thought leader Patricia L. Saporito explains why such a strategy is so important–and how to plan, implement, and profit from yours. Drawing on 25+ years of insurance experience, she presents a complete framework for customizing an analytics strategy based on your business model, capabilities, and goals.

 

Saporito reviews common analytic applications by functional area, offering specific use cases and examples and helping you build on the analytics you’re already doing. She presents insurance-specific data and governance models for effectively organizing and integrating your data, ensuring its quality and privacy and maximizing the value it creates. Finally, she provides tools and frameworks for improving the “analytic IQ” of your entire organization, from business users to IT developers.


• Crafting your optimal analytics strategy and execution framework
Defining needs, prioritizing initiatives, and organizing for success
• Deepening skills, transforming culture
Building the truly analytics-driven, performance-based organization
• Selecting and applying insurance-specific analytics metrics
Making the most of KPIs, leading indicators, and correlation metrics
• Choosing the right tools for the right jobs
Selecting tools for reporting, visualizing, and predicting


 

THE INSURER’S BEST-PRACTICE GUIDE TO DRIVING BUSINESS VALUE FROM ANALYTICS

 

“Finally... a data analytics roadmap for insurance industry decision makers–not just research, but applied research to our industry.”
–John A. Cherba, Past President, Society of Insurance Research

 

“As we move into a time with big data and cognitive computing, we are very fortunate as an industry to have thought leadership that brings front and center–as Pat has discussed in her book–topics that we must incorporate and look to as points of reference and, most importantly, lessons learned. Great reference materials and perspectives!”
–Cindy Maike, Associate Partner, Insurance, Global Business Services, IBM

 

“In her book, Pat connects the dots between business challenges and analytics capabilities in the insurance industry and provides a roadmap on how to optimize analytics in practice.”
– Dwight McNeill, Professor and Author of A Framework for Applying Analytics in Healthcare: What Can Be Learned from the Best Practices in Retail, Banking, Politics, and Sports

 

Today, many insurers radically underutilize their data, leaving them vulnerable to traditional and non-traditional competitors alike. In Applied Insurance Analytics, industry thought leader Patricia L. Saporito helps you change that by leveraging analytics to improve business performance and customer satisfaction throughout your business.

 

Saporito shows how to use analytics to systematically improve operations ranging from underwriting and risk management to claims. Through use cases, case studies, tools, and templates, you’ll learn how to assess where you stand, choose new applications that offer the greatest value, gain more value from existing investments, and master best practices from throughout the industry and beyond.

About the Author

Patricia L. Saporito is a senior director for SAP’s Global Center of Excellence for BI and Analytics. She is SAP’s thought leader for analytics in the insurance industry. In her role she provides thought leadership and guidance to help customers leverage their data and technology investments. In addition to insurance she has worked with many other industries including airlines, banking, consumer products, healthcare, manufacturing, mining, oil and gas, and utilities.

 

Pat is a faculty member of the International Institute for Analytics (IIA), co-founded by Tom Davenport, and is a frequent speaker at industry and analytics events on the topics of data warehousing, analytics, and BI Strategy. Pat authored the chapter on business value in the recently published IIA book, Analytics in Healthcare and the Life Sciences.

 

Pat has been a columnist for Best’s Review magazine’s “Technology Insights” column for the past 10 years. She has blogged in various social media outlets. Pat has served in numerous industry roles. She is past president of the Society of Insurance Research, past chair of the Society of Chartered Property and Casualty Underwriters (CPCU) Information Technology Section, has been a director of Insurance Data Management Association, and has been an education committee member of Insurance Accounting & Systems Association (IASA). She is also past president of APIW, an organization of executive insurance women.

 

Pat holds the Society of CPCU professional designation and has been awarded a Fellow of Insurance Data Management by the Insurance Data Management Association (IDMA) in recognition of her advocacy of and contributions to the field of data management and analytics.


Customer Reviews

Most helpful customer reviews

1 of 1 people found the following review helpful.
1Anything but applied
By By.FLash
I wonder how much the authored paid those 5-star reviewers. This book is anything but applied. It is full of buzz words you see in a business / management book. It talks about strategy, framework, taxonomy, business needs, etc., but not a single statisitcal model. If you have read the Davenport books, save some money. This book is simply paraphrasing what is in other analytics management books (e.g. Those by Davenport).

3 of 3 people found the following review helpful.
1Very overview
By Amazon Customer
My view. It's just overview.hard to apply and price too expensive
. I need more specific and easy apply in real life.

0 of 1 people found the following review helpful.
5data analytics has seemed like a mysterious art
By Pizza Quixote
At every conference, in every board room, insurance proffessionals keep hearing that data is the lifeblood of our industry. It helps us track trends, know our customers, and even find new ones. Any insurance organization that is not moving forward with data analytics is falling behind. But for most of us "normal" insurance practitioners, data analytics has seemed like a mysterious art, practiced only by a few data scientists. How does one marry the pragmatics of our business with the technical requirements of usefu analytics? Pat Saporito breaks that all down in the language of business. She takes the reader from the hypothetical to the real world with liberal use of case studies. One might expect this topic to be a difficult read, but Pat is a good writer who gets to the point and explainshow she got there. Essential reading for those who seek to understand and succeed in the modern competitive arena.

See all 16 customer reviews...



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