Читать книгу Analytics for Insurance - Tony Boobier - Страница 13

Big Data in either its structured or unstructured forms does not naturally flow into analytic outcomes, which usually takes the form of reports, predictions or recommended actions, but relies on intermediate processes which exist ‘between the data and the analytics.’

How this is done in practice is a matter for the technical experts but in simple terms the raw data needs to be captured, then brought into the system where it is filtered, cleansed and usually stored. Massive volumes of data lend themselves to complex sorting systems or ‘landing zones,’ most of which have their own language and jargon. Often a datamart or staging layer is created to ensure that an analytical outcome can be created relatively quickly. The process by which data is moved through the system is referred to as ETL, or ‘extract, transfer, load.’

There are other alternatives, such as ‘data warehouse appliances’ which provide a parallel processing approach and create a modular, scalable, easy-to-manage database system. These high speed solutions allow very rapid computing power by providing an alternative to traditional linear processing, and often come with pre-bundled analytical and geospatial capabilities. In effect this is a ‘plug and play’ approach to Big Data and Analytics. These serve as a reminder that, as was experienced with the internet in the early days, both organizations and individuals will increasingly press for computing power in the form of analytics to be provided ‘at speed.’ It doesn't seem that long ago that, in a domestic environment, connecting to the internet was accompanied by some form of whistling and other strange noises down the telephone line. Now instant 4G connectivity is expected anytime, anyplace, anywhere – within reason. Perhaps in that light, if one level of differentiation between technology vendors is that of the breadth and depth of analytical capability, the other differentiating factor may well be speed of delivery of the analytical insight. The need for speed potentially opens the door for interesting alliances of what might previously have been competing organizations.

‘Cloud’ computing also needs to be considered here. One good and simple description of cloud computing, often just referred to as simply ‘the cloud,’ is the delivery of on-demand computing resources. This includes everything from applications to data centers – on a pay-for-use basis, often accessible through wireless. For the record (and just in case anyone is thinking it) this is not a process in the sky or somewhere in the ether, but rather is an expression to reflect a capability. Users should not be misled by the fact that there are usually no cables or physical connectivity involved. As with the other processes described above, the technology is too complex to be considered in detail, and in fact cloud computing as a topic is worthy of its own book (and there have been many of them). But cloud computing also provides another example of how a paradigm shift in the thinking of the insurance industry needs to take place. The entire concept opens the door to new thinking, and those who do not have an open mind will be disadvantaged. In their 2014 document ‘Predicts 2015: Cloud Computing Goes Beyond IT into Digital Business’ Gartner indicate that business leaders will need to ‘constantly adapt their strategies to leverage increasing cloud capabilities.’

It is increasingly critical that business users need to have some understanding not only of current IT capabilities but what are likely to be the IT capabilities of the future, in order to effectively manage their business and create new and compelling strategies.

It is easy to get bogged down in terminology. Readers should try not to become either distracted or confused by many expressions which are not familiar to them. It may be sufficient for individuals simply to become aware of what they do not know, and as a result have an open mind about technology and change. Some may view this as a catalyst, a personal challenge or perhaps a call to action in order to find out about new elements of their own industry and other associated industries. Managers may wish to encourage their direct reports to become more familiar with technology as part of their annual personal development planning.