Оглавление
Tony Boobier. Analytics for Insurance
PREFACE
ACKNOWLEDGEMENTS
ABOUT THE AUTHOR
CHAPTER 1. INTRODUCTION – THE NEW ‘REAL BUSINESS’
1.1 On the Point of Transformation
1.1.1 Big Data Defined by Its Characteristics
1.1.2 The Hierarchy of Analytics, and How Value is Obtained from Data
1.1.3 Next Generation Analytics
1.1.4 Between the Data and the Analytics
1.2 Big Data and Analytics for All Insurers
1.2.1 Three Key Imperatives
1.2.2 The Role of Intermediaries
1.2.3 Geographical Perspectives
1.2.4 Analytics and the Internet of Things
1.2.5 Scale Benefit – or Size Disadvantage?
1.3 How Do Analytics Actually Work?
1.3.1 Business Intelligence
1.3.2 Predictive Analytics
1.3.3 Prescriptive Analytics
1.3.4 Cognitive Computing
CHAPTER 2. ANALYTICS AND THE OFFICE OF FINANCE
2.1 The Challenges of Finance
2.2 Performance Management and Integrated Decision-Making
2.3 Finance and Insurance
2.4 Reporting and Regulatory Disclosure
2.5 GAAP and IFRS
2.6 Mergers, Acquisitions and Divestments
2.7 Transparency, Misrepresentation, The Securities Act and ‘SOX’
2.8 Social Media and Financial Analytics
2.9 Sales Management and Distribution Channels
2.9.1 Agents and Producers
2.9.2 Distribution Management
CHAPTER 3. MANAGING FINANCIAL RISK ACROSS THE INSURANCE ENTERPRISE
3.1 Solvency II
3.2 Solvency II, Cloud Computing and Shared Services
3.3 ‘Sweating the Assets’
3.4 Solvency II and IFRS
3.5 The Changing Role of the CRO
3.6 CRO as Customer Advocate
3.7 Analytics and the Challenge of Unpredictability
3.8 The Importance of Reinsurance
3.9 Risk Adjusted Decision-Making
CHAPTER 4. UNDERWRITING
4.1 Underwriting and Big Data
4.2 Underwriting for Specialist lines
4.3 Telematics and User-Based Insurance as an Underwriting Tool
4.4 Underwriting for Fraud Avoidance
4.5 Analytics and Building Information Management (BIM)
CHAPTER 5. CLAIMS AND THE ‘MOMENT OF TRUTH’
5.1 ‘Indemnity’ and the Contractual Entitlement
5.2 Claims Fraud
5.2.1 Opportunistic Fraud
5.2.2 Organized Fraud
5.3 Property Repairs and Supply Chain Management
5.4 Auto Repairs
5.5 Transforming the Handling of Complex Domestic Claims
5.5.1 The Digital Investigator
5.5.2 Potential Changes in the Claims Process
5.5.3 Reinvention of the Supplier Ecosystem
5.6 Levels of Inspection
5.6.1 Reserving
5.6.2 Business Interruption
5.6.3 Subrogation
5.7 Motor Assessing and Loss Adjusting
5.7.1 Motor Assessing
5.7.2 Loss Adjusting
5.7.3 Property Claims Networks
5.7.4 Adjustment of Cybersecurity Claims
5.7.5 The Demographic Time Bomb in Adjusting
CHAPTER 6. ANALYTICS AND MARKETING
6.1 Customer Acquisition and Retention
6.2 Social Media Analytics
6.3 Demography and How Population Matters
6.4 Segmentation
6.5 Promotion Strategy
6.6 Branding and Pricing
6.7 Pricing Optimization
6.8 The Impact of Service Delivery on Marketing Success
6.9 Agile Development of New Products
6.10 The Challenge of ‘Agility’
6.11 Agile Vs Greater Risk?
6.12 The Digital Customer, Multi- and Omni-Channel
6.13 The Importance of the Claims Service in Marketing
CHAPTER 7. PROPERTY INSURANCE
7.1 Flood
7.1.1 Predicting the Cost and Likelihood of Flood Damage
7.1.2 Analytics and the Drying Process
7.2 Fire
7.2.1 Predicting Fraud in Fire Claims
7.3 Subsidence
7.3.1 Prediction of Subsidence
7.4 Hail
7.4.1 Prediction of Hail Storms
7.5 Hurricane
7.5.1 Prediction of Hurricane Damage
7.6 Terrorism
7.6.1 Predicting Terrorism Damage
7.7 Claims Process and the ‘Digital Customer’
CHAPTER 8. LIABILITY INSURANCE AND ANALYTICS
8.1 Employers' Liability and Workers' Compensation
8.1.1 Fraud in Workers' Compensation Claims
8.1.2 Employers' Liability Cover
8.1.3 Effective Triaging of EL Claims
8.2 Public Liability
8.3 Product Liability
8.4 Directors and Officers Liability
CHAPTER 9. LIFE AND PENSIONS
9.1 How Life Insurance Differs from General Insurance
9.2 Basis of Life Insurance
9.3 Issues of Mortality
9.4 The Role of Big Data in Mortality Rates
9.5 Purchasing Life Insurance in a Volatile Economy
9.6 How Life Insurers Can Engage with the Young
9.7 Life and Pensions for the Older Demographic
9.8 Life and Pension Benefits in the Digital Era
9.9 Life Insurance and Bancassurers
CHAPTER 10. THE IMPORTANCE OF LOCATION
10.1 Location Analytics
10.1.1 The New Role of the Geo-Location Expert
10.1.2 Sharing Location Information
10.1.3 Geocoding
10.1.4 Location Analytics in Fraud Investigation
10.1.5 Location Analytics in Terrorism Risk
10.1.6 Location Analytics and Flooding
10.1.7 Location Analytics, Cargo and Theft
10.2 Telematics and User-Based Insurance (‘UBI’)
10.2.1 History of Telematics
10.2.2 Telematics in Fraud Detection
10.2.3 What is the Impact on Motor Insurers?
10.2.4 Telematics and Vehicle Dashboard Design
10.2.5 Telematics and Regulation
10.2.6 Telematics – More Than Technology
10.2.7 User-Based Insurance in Other Areas
10.2.8 Telematics in Commercial Insurances
CHAPTER 11. ANALYTICS AND INSURANCE PEOPLE
11.1 Talent Management
11.1.1 The Need for New Competences
11.1.2 Essential Qualities and Capabilities
11.2 Talent, Employment and the Future of Insurance
11.2.1 Talent Analytics and the Challenge for Human Resources
11.3 Learning and Knowledge Transfer
11.3.1 Reading Materials
11.3.2 Formal Qualifications and Structured Learning
11.3.3 Face-to-Face Training
11.3.4 Social Media and Technology
11.4 Leadership and Insurance Analytics
11.4.1 Knowledge and Power
11.4.2 Leadership and Influence
11.4.3 Analytics and the Impact on Employees
11.4.4 Understanding Employee Resistance
CHAPTER 12. IMPLEMENTATION
12.1 Culture and Organization
12.1.1 Communication and Evangelism
12.1.2 Stakeholders' Vision of the Future
12.2 Creating a Strategy
12.2.1 Program Sponsorship
12.2.2 Building a Project Program
12.2.3 Stakeholder Management
12.2.4 Recognizing Analytics as a Tool of Empowerment
12.2.5 Creation of Open and Trusting Relationships
12.2.6 Developing a Roadmap
12.2.7 Implementation Flowcharts
12.3 Managing the Data
12.3.1 Master Data Management
12.3.2 Data Governance
12.3.3 Data Quality
12.3.4 Data Standardization
12.3.5 Storing and Managing Data
12.3.6 Security
12.4 Tooling and Skillsets
12.4.1 Certification and Qualifications
12.4.2 Competences
CHAPTER 13. VISIONS OF THE FUTURE?
13.1 Auto 2025
13.2 The Digital Home in 2025 – ‘Property Telematics’
13.3 Commercial Insurance – Analytically Transformed
13.4 Specialist Risks and Deeper Insight
13.5 2025: Transformation of the Life and Pensions Industry
13.6 Outsourcing and the Move Away from Non-Core Activities
13.7 The Rise of the Super Supplier
CHAPTER 14. CONCLUSIONS AND REFLECTIONS
14.1 The Breadth of the Challenge
14.2 Final Thoughts
APPENDIX A. RECOMMENDED READING
APPENDIX B. DATA SUMMARY OF EXPECTANCY OF REACHING 100
APPENDIX C. IMPLEMENTATION FLOWCHARTS
APPENDIX D. SUGGESTED INSURANCE WEBSITES
APPENDIX E. PROFESSIONAL INSURANCE ORGANIZATIONS
WILEY END USER LICENSE AGREEMENT
