lessons learned - viewpoints on increasing analytical capabilities elizabeth riczko, fcas, maaa,...
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What are we doing? 3TRANSCRIPT
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Lessons learned - viewpoints on increasing analytical capabilities
Elizabeth Riczko, FCAS, MAAA, CPCU
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Antitrust Notice• The Casualty Actuarial Society is committed to
adhering strictly to the letter and spirit of the antitrust laws. Seminars conducted under the auspices of the CAS are designed solely to provide a forum for the expression of various points of view on topics described in the programs or agendas for such meetings.
• Under no circumstances shall CAS seminars be used as a means for competing companies or firms to reach any understanding – expressed or implied – that restricts competition or in any way impairs the ability of members to exercise independent business judgment regarding matters affecting competition.
• It is the responsibility of all seminar participants to be aware of antitrust regulations, to prevent any written or verbal discussions that appear to violate these laws, and to adhere in every respect to the CAS antitrust compliance policy.
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What are we doing?
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It starts with a goal
NOT a method A business questionAsk “why” (and repeat)How good is good enough?
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How are we doing it?
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Projects require planning
Iterative or notDetermine key decision points Plan for changeTesting takes (more) time
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Risks don’t go away just because you ignore them
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Governance doesn’t sound like fun…
but neither does insurance.
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Who is doing it?
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Involve internal experts
Define their roleDecide decision-makingCommunicate time neededAlign goalsInclusion creates buy-in
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To consult or not
Honestly assess needs“Frequency” and “severity”Know the purposeDefine goals clearlySelect accordingly
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A few good analysts
Seek out the curiousAmbassadors for analyticsExperimentation is learningPut them in solitary (sort of)
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IT is important
CollaboratePrototypeDecideIterate
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“What data do you want?”“What have you got?”“I’ve got a ton of data. More than you’ll ever want. Just tell me what you want.““I want it all.”“Sigh.”
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Is it done yet?
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Plan for implementation
Decide on pace and spaceMatch training to contentHow do you learn?Training is not practiceCommunication is critical
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There is always a “help desk.”
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Who? Me!
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Analytics Adoption Cycle
Early Adopters
Late Adopters
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Love the early adopters
Champions of changeSeek their feedbackA different breedDemanding consumersNot a zero maintenance group
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The man in the middle
Change agents can build bridgesYou get what you measureSilence is not acceptanceGet feedback from the groupEasy come, easy go
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Learn to like late adopters
What’s the problemCuddle or collisionBehavior modificationPatterns emerge
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Make part of the problem part of the solution.
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Move the cheese.
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Walk the talk
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Leadership matters
Visibly supportiveCommunicate why and howDemonstrate desired behaviorReinforce through recognition
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Analyze analytics
How is it goingGo back to the startLet’s do it again
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Perception IS reality.
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It’s still a people business.