Beth Schultz

Insurer Sees Visual Analytics as Must-Have

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philsimon
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Data Doctor
fraud
philsimon   1/15/2013 2:49:38 PM
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If I were CEO of an insurance company, I'd be all over Big Data. Sure, the carrots are significant, but what about preventing fraud? The opportunity here is huge, as I write in Too Big to Ignore.

Mr_BDMartin201
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Prospector
XL Visual Analytics
Mr_BDMartin201   1/15/2013 3:08:39 PM
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Beth,

You write about the coolest stuff.  I want to see more analytics stuff here.  I would love to meet the people who are building these models and learn from them . Keep it up.  My neighbor works for XL so I am going to touch base with him.

I applaud Kim Holmes for taking on challenging work, because I see a lot of 90s type models still being applied to 2013 risks.

 

Brian

 

BethSchultz
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Re: XL Visual Analytics
BethSchultz   1/15/2013 3:17:58 PM
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Hi Brian, thanks -- and I'm glad you're enjoying the content. It sounds like you might be involved in the insurance industry as well, when you write "I see a lot of 90s type models still being applied to 2013 risks" or are you talking outside of the insurance field? Would visual analytics benefit you and your company?

kicheko
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sizeable Information
kicheko   1/15/2013 7:53:59 PM
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Visual tools certainly bring data as close to being interactive as possible. Its bad enough that often data can be overwhelming and confusing, but when served in the right presentation format, the negatives of overload are certainly mitigated. Especially when it comes to the more complex subjects, as we browse through statistics, its often easier to stop and look closer when data is structured in graphics

SethBreedlove
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Data Doctor
Re: sizeable Information
SethBreedlove   1/15/2013 8:07:58 PM
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Data visualization helps to better communicate complex statistical insights to co-workers.   And the better those insights are communicated, the more it encourages others to use analytics in business planning and decision making. 

Also, sometimes insurance companies will share these insights with consumers.  For example, a former professor of mine called her insurance company to find out which type of car had was the least likely to get broken into in her school parking lot.  And that was the car she chose to buy for work purposes. 

Broadway
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Re: XL Visual Analytics
Broadway   1/15/2013 10:43:38 PM
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@Beth, I like the post and am glad to see that some folks in the insurance industry are looking forward at their risks and not in the proverbial "rear-view mirror" like in traditional actuarial science. My question is: Who makes up the target audience for these visual analytics? In-house underwriters? XL's clients?

BethSchultz
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Re: XL Visual Analytics
BethSchultz   1/16/2013 8:07:21 AM
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Hi Broadway. My understanding is that the strategic analytics team will be sitting down at the Visual Analytics dashboard and sharing insight pulled from it with internal business users. 

BethSchultz
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Re: sizeable Information
BethSchultz   1/16/2013 8:19:52 AM
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Absolutely! Have you had the chance to work on or see a demo of data visualizations of this sort?

Broadway
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Re: XL Visual Analytics
Broadway   1/16/2013 10:36:30 PM
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Hi @Beth, thanks for the explanation. I'd also be interested to hear if XL plans to use visual analytics to eventually tell the story of XL's risk to their reinsurers.

Noreen Seebacher
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Re: XL Visual Analytics
Noreen Seebacher   1/17/2013 9:30:18 AM
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SAS makes a number of key points about this product:
  • SAS Visual Analytics, the newest member of the SAS High-Performance Analytics family, applies the power of SAS to massive amounts of data
  • Businesses can visually explore data based on any variety of measures, quickly and easily
  • Fresh insights can be shared widely either through the internet or iPads
  • SAS High-Performance Analytics offerings will continue to grow, adding innovative solutions for horizontal and vertical industry problems

How do you think these would benefit your operation?

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