Sample engagement for companies with a desire to become more a data driven.
The situation The company may have both loss ratio and expense ratio pressures making such a drive toward using predictive analytics seem overwhelming both in monetary and people resource. They are well aware, however, marketplace pressures are such that mid-term and long term sustainability may be threatened without having a clear direction such as what I can offer. What's the solution to this conundrum?
The answer It isn't a binary yes/no or should we/shouldn't we grow our expertise in analytics. There's lots of gray area. We can work together achieving this balance coaching you through a low risk, low commitment and "get the ROI as you go" approach. The objective is to both improve near term results while also building a solid foundation for continued successes. You can start slowly! Do this before spending the big bucks!
Low commitment, minimum investment approach
Step 1) An hour or so telephone conversation to ask questions and understand more about the company's operations. The goal is for me to understand fundamental business underpinnings, hot button items and near to long term objectives for your company.
Step 2) I will provide you with a questionnaire seeking metrics about lines of business and results to guide me in preparation for the next step.
Step 3) Face to face meeting in your office with your senior management in a two to three hour meeting to accomplish the following:
- Provide a primer of predictive analytics focusing on the state of the art in the insurance industry and additionally what's going on in other industries
- Recap some of the information I will have learned in both step one and step two
- Provide information about the technical choices and resource choices that can be made along the way
- Create and together massage an adoption plan with options regarding how to embark on this journey, complete with resource needs
- Together brainstorm initial business priorities and solutions to direct our activities towards one or more short term wins
I've done the above in my sales roles for the past several years but have been tied to only providing my employer's product solutions. As your consultant, I am working for you, committed only to your company.
You cannot buy such expertise anywhere!
IRMI Expert commentator:
Insurance Trainer for Insurance Technology Services
- Well experienced at working with a team. I can bring actuarial, IT and many other partners to work with me as needed.