Description
Book SynopsisPatricia L. Saporito is a senior director for SAP's Global Center of Excellence for BI and Analytics. She is SAP's thought leader for analytics in the insurance industry. In her role she provides thought leadership and guidance to help customers leverage their data and technology investments. In addition to insurance she has worked with many other industries including airlines, banking, consumer products, healthcare, manufacturing, mining, oil and gas, and utilities.
Pat is a faculty member of the International Institute for Analytics (IIA), co-founded by Tom Davenport, and is a frequent speaker at industry and analytics events on the topics of data warehousing, analytics, and BI Strategy. Pat authored the chapter on business value in the recently published IIA book, Analytics in Healthcare and the Life Sciences.
Pat has been a columnist for Best's Review magazine's Technology Insights column for the past 10 years. She has blogged in
Trade Review
Praise for Applied Insurance Analytics
“Pat Saporito is one of the sharpest minds in the IT business for insurance and financial services. Her deep understanding of the playing field and her devotion to analytics as a key to optimum business processes is unmatched. In particular, Pat really gets it when it comes to the critical importance of the business/IT relationship, and she knows how to apply her wit and wisdom to make all the players around her better.”
—Ara Trembly, Founder, The Tech Consultant
“Pat’s vast experience, knowledge and insights come to life in this book, a must read for all insurers.”
—Deb Smallwood, Founder, Strategy Meets Action
“Finally, Pat has provided a data analytics roadmap for insurance industry decision makers—not just research, but applied research to our industry.”
—John A. Cherba, Past President, Society of Insurance Research
“Pat Saporito is that rare individual who understands the business end of insurance and can then match business needs with the supporting technology. She cuts right through the jargon with specific insights about insurance business needs, the data at the heart of our business, and applying analytics for optimal outcomes. Essential reading for anyone who needs to leverage data to drive business results. Pat worked closely with me as an advisor to the Institutes’ Associate in Information Technology (AIT) program and also with the Insurance Data Management Association (IDMA). Anyone studying analytics or insurance data (such as the AIDM or CIDM from IDMA) will find this to be valuable supplemental reading and a treasured reference.”
—Martin J. Frappolli, CPCU, FIDM, Senior Director of Knowledge Resources, The Institutes (Institute for Chartered Property Casualty Underwriters and Insurance Institute of America)
“Pat’s experience, knowledge, and know-how make her one of the few insurance data professionals who can provide practical and reasonable advice and insight on data uses and needs to carriers and insurance organizations.”
—Bill Jenkins, Managing Partner, Agile Insurance Analytics and former CIO, Penn National Insurance
“As we move into a time with big data and cognitive computing, we are very fortunate as an industry to have thought leadership that brings front and center—as Pat has discussed in her book—topics that we must incorporate and look to as points of reference and most importantly, lessons learned. Great reference materials and perspectives!”
—Cindy Maike, Associate Partner, Insurance, Global Business Services, IBM
“Pat Saporito is acknowledged by all who know her as the consummate industry thought leader. Given her range of experience from the business to IT and analytics, she is a tireless evangelist for communication among all the parties that make our industry tick. I am excited about her using her passion for analytics to empower the business users and their technology partners.”
—Beth Grossman, Chief Learning Officer, ACORD
“Pat Saporito is both an insurance industry analytics thought leader and a pragmatist. She uses her extensive industry experience to help insurers understand key use cases and then makes them come to life using actual industry case studies.”
—Dennis A. Steckler, Partner, Global Insurance Solutions, Return on Intelligence, Inc.
“I have had the pleasure to work with Pat on a number of occasions to talk with clients about the business value of analytics. Pat knows this better than anyone I know. In her book, she connects the dots between business challenges and analytics capabilities in the insurance industry and provides a roadmap on how to optimize analytics in practice.”
—Dwight McNeill, Professor and Author of A Framework for Applying Analytics in Healthcare: What Can Be Learned from the Best Practices in Retail, Banking, Politics, and Sports.
“Pat provides an in-depth analysis and guideline to the competitive advantage weapon for the Insurance industry winners of the future. The difference between winners and losers will be analytics—Pat provides an in-depth guide for successful adoption.”
—Piyush Singh, CPCU, SVP and CIO, Great American Insurance Co.
Table of ContentsPreface x
Chapter 1 Analytics in Insurance Overview 1
Chapter 2 Analytics Strategy and Execution Framework 13
Chapter 3 Defining, Prioritizing, and Aligning Needs 23
Chapter 4 Defining and Using Metrics Effectively 35
Chapter 5 Analytics Value and Return on Investment 45
Chapter 6 Data and Information Architecture 61
Chapter 7 Analytics Tools 77
Chapter 8 Organization and Implementation 89
Chapter 9 Analytics Skills and Culture 103
Chapter 10 Use Cases and Case Studies 113
Chapter 11 Future of Insurance Analytics 141
Appendix A Analytics Evolution Models 149
Appendix B Actionability and Metrics Frameworks 151
Appendix C Analytics Blogs and Videos 163
Index 179
