TransformingtheLifeInsuranceIndustry-ActuariesInstitute.pdfVIP

Transforming the life insurance industry Lifestyle based Analytics John King and Kim Cohen What we will cover today ? What is analytics? ? Real world examples ? Life Insurance Applications ? ‘How to’ guide ? Where to from here? What is analytics? ? Analysing historic data to identify patterns and make predictions about future trends and behaviours ? Lifestyle Analytics: Incorporating links between lifestyle characteristics and health ? Lloyd’s and London Market: facing an ‘analytical arms race’1 ? Successful outcome: Turning data into actionable insights ? Understand the customer as an individual b tailored solutions for each customer Are you using existing data effectively and efficiently to get insights and value? 1Source: Actuarial Post Feb 2013 Online Retail Customer Experience ? Analytics can assist in customer experience: – Personalised solution to customer based on what they looked at last time they came to the website – Deliver insights back to customer based on what you know about them TIP: Learn from other industries Banking example TIP: Tailor to the customer based on what you know about them Melbourne Cup - Quant Style! ? Macquarie Equities Research each year picks the top-ranked horse for a win and a box-trifecta on the top six horses in the model. TIP: Mix data to make new data? General Insurance - Telematics ? Telematics in cars to detect driving parameters and then use to price ? M2M (machine to machine) real-time info b transfer info collected to a data warehouse. ? Box in car has a gyroscope, GPS, computer chip and sim to measure location, time, speed, distance, crash