When IT execs talk about big data, they say they have to start with baby steps; they have to get buy in from many areas of the organization. Here are some of their tips for getting both IT and executives on board with analytics implementations and data governance policies that will help the organization make the most of data.
Nicolas Michellod, Senior Analyst in Celent’s Insurance Practice, says that although insurers have been preparing for Solvency II for a couple of years, not all have made their decisions about a technology vendor that addresses the new regulatory framework.
Since 2006, many boards have appointed chief data officers to work closely with their chief risk officers to evolve the organization’s culture to a data-driven, risk management organization. Read these six steps to help your organization evolve to a successful data-driven organization.
Everyday, companies cede hard evidence to the political agendas of a willful manager or department. Savvy managers understand that weaving data-driven decisions into the fabric of corporate governance can obviate organizational infighting and drive progress.
Thorsten Hein asks, “Are you a gambler?” When it comes to Solvency II implementation, Hein argues that insurers that concentrate only on the most immediate aspects of compliance will miss out on many of the business benefits that those who fully comply will gain. Their ‘savings gamble’ will actually be a loss.
Most insurance companies have mountains of data, but many only track indicators that are easy to obtain, and not necessarily relevant. Stuart Rose says that means too much noise and not enough understanding about how, why or if those metrics support strategic outcomes.
The Solvency II directive is the first insurance regulation to introduce strict requirements for data management; it also represents an opportunity for many organizations. Effective data management results in better risk decisions, reduced likelihood of regulatory-imposed capital add-ons, increased return on capital, higher return on marketing campaigns and better fraud detection.
The challenge for the years ahead will be to balance increased regulatory costs and the need for greater efficiency while at the same time delivering an improved customer experience and innovations to retain customers and grow revenues. High-performance analytics will help bank executives pave the path to success – with customers, regulators and the market.
David Buckham, Founder and President of Monocle Solutions, says Solvency II directives are designed to benefit policy holders adn insurance companies. Learn how your firm can benefit from implementation and gain a competitive advantage.
The more progress insurers make with Solvency II implementation the more they realize they have to do. Starting early is the key. This post briefly describes six key challenges insurers must address immediately to meet Solvency II standards in time. From there, I’ll point you to a white paper detailing those challenges and a framework that provides a solid foundation for improved capital and cost-efficiency.