AXA's 5 Tips for Big Data Success
September 25, 2015 5:33 AM
The key to big data success is establishing good practices around strategic planning and operations, according to AXAs Jackie Morales, managing director and head of Life Operations, and Louis DiModugno, the firms chief data and analytics officer. The two executives, who spoke at this weeks SMA Summit insurance technology conference, recommended the following actions be taken to ensure those methods are put in place.
1.<TAB>Acquire Special Skills
Data specialists data miners, data crunchers, data scientists and business translators need to be brought in.(Source: Morales/DiModugno, AXA)
2.<TAB>Establish Protocols
Insurers need to adhere to their legal and ethical responsibility to customers regarding confidentially and data security. Privacy is paramount. Creating this protection for clients helps firms protect their brands. (Source: Morales/DiModugno, AXA)
3.<TAB>Be transparent
Insurers need to be clear and up front about benefits and dangers of the monetization of data,(Source: Morales/DiModugno, AXA)
4.<TAB>Shift the cultural mindset
Firms need to recognize, and be ready for, the fact that big data changes a firms problem solving approach.(Source: Morales/DiModugno, AXA)
5.<TAB>Be realistic
Most businesses today are approaching big data in a test & learn mode. It is important to remember that currently big data remain a fragile and costly investment.(Source: Morales/DiModugno, AXA)