Getting the best out of data


Getting the best out of data

Meghan Anzelc, chief analytics officer, AXIS Capital

Many re/insurers understand the value and potential of data but leveraging its full potential requires a systematic approach designed to achieve very specific outcomes, says Meghan Anzelc, chief analytics officer, AXIS Capital.

How do you transform data into a powerful, profitable tool for your specialty insurance business? Everyone is aware of its potential, but converting the possibilities trapped within data, internal or external, into tangible business benefits is not straightforward.

Whether the desired outcome is to empower better decision-making, or improve business processes, or both, a systematic and creative approach will be more successful than one which deploys the newest technology simply because it is the current buzz, or attempts to accumulate vast external data sources without first knowing exactly what purpose they will serve.

The goal of any data-related project should be to solve a specific problem and deliver a quantifiably useful benefit. Therefore, the first stage in harnessing the power of data is to identify real-world areas where it will yield value.

AXIS Capital, Big Data, Meghan Anzelc, Business Development, Global

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