Beth Schultz

Insurer Sees Visual Analytics as Must-Have

NO RATINGS
View Comments: Threaded | Newest First | Oldest First
philsimon
User Rank
Data Doctor
fraud
philsimon   1/15/2013 2:49:38 PM
NO RATINGS
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
User Rank
Prospector
XL Visual Analytics
Mr_BDMartin201   1/15/2013 3:08:39 PM
NO RATINGS
1 saves
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
User Rank
Blogger
Re: XL Visual Analytics
BethSchultz   1/15/2013 3:17:58 PM
NO RATINGS
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?

Broadway
User Rank
Blogger
Re: XL Visual Analytics
Broadway   1/15/2013 10:43:38 PM
NO RATINGS
@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
User Rank
Blogger
Re: XL Visual Analytics
BethSchultz   1/16/2013 8:07:21 AM
NO RATINGS
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. 

Broadway
User Rank
Blogger
Re: XL Visual Analytics
Broadway   1/16/2013 10:36:30 PM
NO RATINGS
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
User Rank
Blogger
Re: XL Visual Analytics
Noreen Seebacher   1/17/2013 9:30:18 AM
NO RATINGS
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?

Noreen Seebacher
User Rank
Blogger
Re: XL Visual Analytics
Noreen Seebacher   1/17/2013 9:31:48 AM
NO RATINGS


Noreen Seebacher
User Rank
Blogger
A closer look
Noreen Seebacher   1/17/2013 9:33:24 AM
NO RATINGS

Autocharting with Intelligence

Users can drag and drop any combination of categories and measure and autocharting will show the best possible visual based on what is given. When cardinality is high we provide an overview bar below the chart to allow the user to see the whole chart in the overview and be zoomed into the important area.

 



Noreen Seebacher
User Rank
Blogger
Re: A closer look
Noreen Seebacher   1/17/2013 9:35:15 AM
NO RATINGS
Geographic Visualization

Dragging a geographic category will render a visualization that shows a map with bubbles for each category value. The map will allow the user to zoom and pan and will automatically adjust based on the number of bubbles and geographic information in the data



Noreen Seebacher
User Rank
Blogger
Re: A closer look
Noreen Seebacher   1/17/2013 9:36:40 AM
NO RATINGS
Box and Whiskers

Users can quickly view and compare the distribution of their data and the distribution of data within a category.



Noreen Seebacher
User Rank
Blogger
Re: A closer look
Noreen Seebacher   1/17/2013 9:37:52 AM
NO RATINGS
Scatter Plot with Analytics

Allows for quick comparison of two measures to see whether there is a relationship between the two and a regression line. We also explain to the user when they are applying the analytics what does it mean in layman's terms.



kicheko
User Rank
Blogger
sizeable Information
kicheko   1/15/2013 7:53:59 PM
NO RATINGS
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
User Rank
Data Doctor
Re: sizeable Information
SethBreedlove   1/15/2013 8:07:58 PM
NO RATINGS
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. 

BethSchultz
User Rank
Blogger
Re: sizeable Information
BethSchultz   1/16/2013 8:19:52 AM
NO RATINGS
Absolutely! Have you had the chance to work on or see a demo of data visualizations of this sort?

Information Resources
More Blogs from Beth Schultz
It's been a fun three years, but now it's time to say goodbye.
Take inspiration from Christopher Columbus as you pursue your analytical journeys.
The "big" in big data is no reflection of the size of the organization embracing its potential.
Whether you're an undergrad, a graduate student, or an analytics professional already, the same best-practices advice lives large.
Satellite data can help solve puzzles, from the lofty to the mundane.
Information Resources
Radio Show
Radio Shows
ARCHIVE
James M. Connolly
Hire and Manage a Great Analytics Team


9/1/2015  LISTEN   152
ARCHIVE
James M. Connolly
Use Mobile Analytics to See the Big Picture


8/26/2015  LISTEN   83
ARCHIVE
James M. Connolly
Survive the Digital Transformation


8/18/2015  LISTEN   85
ARCHIVE
James M. Connolly
Health Analytics: Find Data Beyond the Hospital Doors


7/28/2015  LISTEN   47
ARCHIVE
James M. Connolly
Finding Answers Through Prescriptive Analytics


7/21/2015  LISTEN   117
ARCHIVE
James M. Connolly
Visualization: How to Bring Data to Life


6/22/2015  LISTEN   55
ARCHIVE
James M. Connolly
Learn Why Analytics Are at Home in the Cloud


6/15/2015  LISTEN   26
ARCHIVE
James M. Connolly
Analytics: Your Defense Against Cyber Threats


5/27/2015  LISTEN   60
ARCHIVE
James M. Connolly
Big Data & Big Pharma: How Analytics Might Save Your Life


5/19/2015  LISTEN   37
ARCHIVE
James M. Connolly
Live Interviews From SAS Global Forum


4/28/2015  LISTEN   11
Follow us on Twitter
Follow us on Twitter
Quick Poll
Quick Poll
Like us on Facebook
Like us on Facebook
About Us  |  Contact Us  |  Help  |  Register  |  Twitter  |  Facebook  |  RSS