We wrapped our first Insurance Analytics Canada Summit that took place on June 28 – 29 in Toronto with smiling faces and a new perspective on today’s insurance landscape.
As exhibitors and bronze sponsors, we rose to the occasion to educate insurers about the vast role data plays throughout their organization, and helped them get acquainted with our many service offerings.
Insurance professionals who are implementing data analytics need to focus on what they want to achieve and need to deliver value quickly to senior business leaders. The industry is at a crossroads and facing digital disruption that demands a shift in thinking, as well as moving away from traditional analytics to more predictive and future-forward models.
Some takeaways from the conference:
1) Insurance enterprises know the data they have, know the end goal and pressure points they need to address with their data, but don’t know where to start (how to get from point A to B).
2) A large majority have identified themselves as either Analytics 1.0 (Traditional Analytics) or 2.0 (Emergence of Big Data). Insurance companies know the importance of improving their analytical approaches going forward, especially in their claims and underwriting processes.
3) Organizations should focus on effectively engaging their IT teams and empowering them with the proper “structure” and information they need to transform their analytical processes.
Here are some highlights from the 2-day conference:
Today’s leaders covered all the topics we needed to hear, ranging from digital innovation to adapting AI capabilities.
It became clear throughout the event that success is about having organization-wide support on data and analytics initiatives.
While also learning to put your best effort forward knowing that it won’t be perfect:
To get a better understanding of where attendees were in their analytics journey, we asked them where they thought their companies stood. (We’ll publish the final results soon!)
The group had questions and ideas to ponder:
As well as solutions to solve our biggest problems:
And of course, with every conference is a prize. We’ll announce the winner of our draw prize (fit for the future of course) soon!
It was a blast. Can’t wait for next year!