Analytics for Insurance USA

Transcription

1 Accelerate underwriting, pricing & claims functions to understand your customers, improve decision-making & reduce risk exposure Integrate analytics into the insurance value chain from the C-suite: join forces of business and technical leadership to deliver the insurance company of the future Encourage management by analytics to overcome departmental or product-specific views of customers, update legacy systems and reduce operating spend over the enterprise 25+ Expert Speakers including: Brian Cohen Pacific Specialty Insurance David Zona Chief Underwriting Officer Fireman's Fund Insurance Upendra Belhe Chief Analytics Technology Officer Chubb Capitalize on emerging technologies to improve pool optimization, create dynamic pricing models and reduce loss and claims payout Explore external data sources to better understand customer risk, pricing, attrition and opportunities in emerging markets Identify profitable customers, measure satisfaction and loyalty and drive cross/up-sell programs Bob McPherson Director - P&C Actuarial Research Nationwide Insurance Wayne Wendling Vice President - Actuarial/Strategic Research & Economic Modeling CNA Elizabeth Riczko Group Analytics Leader Westfield Insurance Exclusive Platinum Sponsor: Gold Sponsor: Exhibitor Sponsor: Piyush Singh Chief Information Officer Great American Insurance Silver Sponsor: Supporting Sponsor: Grant Little Director - Claims Technology & Analytics National General OPEN NOW for full agenda and speaker details

2 Dear Colleague, With the insurance industry being a century s old business, it s often difficult to embrace change especially change that alters the foundation the business was built on data. Events such as Sandy, Katrina and 9/11 have forced the industry to reevaluate their risk models and take a deeper look into their business investments. These hurdles have undoubtedly resulted in intensified competition, more fickle customers and heightened economic sensitivities. The ability to leverage data sources for more effective underwriting, pricing, claims and marketing decisions has become central to the ongoing success of all insurance companies. In principle, advancements in technology have pushed the industry one step closer to uncovering the true value of this data. In practice, this is easier said than done. Analytics for Insurance USA focuses in on a new era of opportunity for the insurance industry. We ve brought together innovative insurance leaders who are already using big data and analytics across their organizations for improved results. The case studies and strategies presented will arm you with both the knowledge and tools you need to transform your business through data. Come join the community, explore the new approaches to analytics based-decision making and work towards creating a truly customer-focused business. I look forward to welcoming you to Chicago in March! Brittany Reyes Director Data Driven Business [email protected] 3 EASY WAYS TO REGISTER Online: [email protected] Phone: (201) Ignite Competitive Advantage with Analytics Integration In a recent industry study insurance executives were asked which functional areas will be the focus for predictive modeling in the next 2-3 years. The two functional areas at the focus are pricing and underwriting followed by claims then marketing. 79% 71% As the CEO of an insurance company it's critical to me that we integrate data analytics into our day-to-day operations. It's no longer a nice to have - it's a must for every carrier, whether big or small. The challenge for many companies is overcoming the natural inclination to be intimidated by the perceived complexity of building a successful data driven strategy. In fact, once you get beyond the fancy vocabulary, a good data driven strategy comes down to the ability of operating executives to understand the data they want to analyze. Brian Cohen, CEO, Pacific Specialty Insurance 39% 35% Pricing 17% 5% Underwriting Claims Marketing Reserving Other It s not exclusively about predictive analytics and technical pricing models. We have to thoughtfully consider the blend between art and science and the effective/pragmatic implementation of the tools that we build. The "art" refers to the expertise and experience of the underwriter, and the science involves model development and the technology required to deploy them. Taken together, the models act as a tool to inform and support our underwriters in risk selection and pricing decisions. Functional areas in the focus of predictive modeling in the next 2-3 years *an ISO & Earnix Survey David Zona, Chief Underwriting Officer, Fireman's Fund Insurance Join the community and discussions now! Follow us on Twitter Follow the #insuranceanalytics Share us on Linkedin

3 An unprecedented line-up of industry experts Brian Cohen Pacific Specialty Insurance David Zona Chief Underwriting Officer Fireman's Fund Insurance Upendra Belhe Chief Analytics Technology Officer Chubb Bob McPherson Director - P&C Actuarial Research Nationwide Insurance Wayne Wendling Vice President - Actuarial/Strategic Research & Economic Modeling CNA Partha Srinivasa Chief Information Officer Houston Casualty Piyush Singh Chief Information Officer Great American Insurance Grant Little Director - Claims Technology & Analytics National General Elizabeth Riczko Group Analytics Leader Westfield Insurance Munish Arora Manager - Product Analytics CSAA Insurance Group Nora FitzGerald Vice President - Statistical Reporting,Corporate Actuarial CAN Paul Ballew Chief Data & Analytics Officer Dun & Bradstreet Heather Mills Web Analytics Administrator American Family Insurance Shekhar Shastri Head of Innovation Lab Sun Life Financial Wade Bontrager EagleEye Analytics Seth Earley Earley & Associates Nathan Golia Senior Editor Insurance & Technology Brij Masand Actionable Analytics Gregory Short President DataDNA John Papadia President Clarity Solution Group Sergei Ananyan Megaputer Sundip Gorai Vice President - Analytics and Information Management L&T Infotech Deepak Ramanathan, Vice President - Global Consulting, FSI Fractal Analytics Aaron Brandenburg Economist & Statistical Information Manager NAIC Robert Passmore Senior Director - Personal Lines Policy Property Casualty Insurers Association of America For more information on the event visit the conference homepage at:

4 Insurance Industry Outlook Conference Chairman: Stephen Applebaum, Insurance Claims Solutions Matured Role of Analytics A Chubb Perspective Analytics has evolved substantially in the P&C insurance industry. Implementation of analytics isn t just an easy issue to solve. The team needs to have a keen understanding of technology and operationalization issues. Additionally, analytics is disruptive. However, it is good only in the way our business would want to process it. Humility and the ability to listen to business users are needed to succeed. Analytics is turning out to be more of a combination of common sense, empathy, maturity and patience rather than mathematical science alone. Upendra Belhe takes us through his journey and evolution of the Chief Analytics Scientist role. Upendra Belhe, Chief Analytics Technology Officer, Chubb Differentiation is Critical in the New Insurance Landscape The operating background carriers face remains extremely challenging due to the tepid economic recovery, pronounced structural change led by rapid technological innovation and increasing competition in most business lines. In response carriers are searching for new approaches to deepen customer relationships, improve operating efficiencies and find additional ways to differentiate in the marketplace. In this session Paul Ballew, Chief Data and Analytic Officer, will provide his unique perspective on: Leveraging big data through analytics capabilities to provide actionable insights Adopting a transformational approach to analytics Uncovering what s next in the big data journey and where analytic methods and capabilities are heading for insurance carrier Acquiring the necessary components to accelerate the entire analytic journey Paul Ballew, Chief Data & Analytics Officer, Dun &Bradstreet Bring analytics strategies to life The key to successful analytics strategies starts with the technology, people and plan in place. In order to track the performance of personal and commercial lines proper measurable must be implemented. Explore trade-offs between better solutions and the best solution Discuss what works and what does not how to work around setbacks Define a roadmap for effective communication to multiple stakeholders David Zona, Chief Underwriting Officer, Fireman s Fund Insurance Lead or Follow: How to build your analytics dream team to drive insight, impact, and innovation Understand the different roles that can be configured within an analytics team to solve business problems across the insurance value chain. Review examples of short-term and longer-term disruptions that are changing the insurance industry Learn how you can institutionalize and increase analytical sophistication to enable a data-driven enterprise Explore ways to configure your analytics dream team to address underwriting, pricing and claims across business analysts, data science, big data engineering and visual story-telling. Deepak Ramanathan, VP, Head Insurance Practice, Fractal Analytics PANEL Define analytics success & the customer life cycle From claims, pricing, marketing, fraud and actuarial functions, understanding your customers is paramount for every business cycle. Collaboration between departments ensures customer understanding is at its best. Feeding insights into other departments to achieve the ultimate 360 degree view is what will lead to a complete understanding. Move decision-making to a more a collaborative and semi-automated system Utilize analytics to asses which customers are a good bet through claims, risk, and pricing integration Measure and monitor customer satisfaction and loyalty to feed back into pricing Make better pricing and marketing decisions by understanding policyholders purchasing, retention and conversion behavior estimating future customer tenure and life time value Moderator: John Papadia, President, Clarity Panelists: Wade Bontrager, CEO, EagleEye Analytics Brij Masand, CEO, Actionable Analytics Corp Munish Arora, Senior Manager, Product Analytics, CSAA Analytical Use Cases and Methods across P&C Insurance Functions Predictive modeling is often spoken of as if it was a unified discipline. However, business problems, outcomes, tools and methods can vary greatly by functional area, as well as the business and technological knowledge required by the analysts. Explore how analytics must be approached differently for common functional departments in a P&C insurance company. Addressing methods, tools and outcomes in pricing, underwriting, fraud, security, risk management, and customer analytics Bob McPherson, Director, P&C Actuarial Research Analytics, Nationwide Five New Buzz - Soul of a Future Integrated Advanced Analytic Ecosystem related to Insurance Business Applications The 5 new buzz - Machine Learning, Complex Event Processing, Big Data, Mobile BI and Cloud BI, coupled with Business Intelligence and Data Warehousing solutions will boost Analytic Intelligence applications for insurance related to Fraud, Claim Intelligence from Machine Sensor data, Customer Analytics and other areas. The future of analytics will be driven by a combination of analytic constructs Predictive Mining, Complex Event Processing, Rule based Alerts, Data Warehousing and Business Intelligence and knowledge dissemination via cloud and mobile BI applications. The session will discuss some of the business applications for the above construct. Sundip Gorai, Head of Analytics & Insurance Practice, L&T Infotech Investment Risk Analytics Life insurance firms build asset portfolios to match expected liabilities far out in future. Tracking error between the portfolio assets and the hedges are an ongoing challenge for the portfolio manager. On another front, investment risk analysis is generally based on discrete theoretical scenarios or historical relationships, which are not adequately rich to predict future portfolio behavior, especially in times of crisis. Driving Predictive analytics to transform buy-side portfolio management through modeling of investment risk Leveraging diverse data sets Shekhar Shastri, Head of Innovation Lab, Sun Life Financial PANEL Find a happy medium between regulatory & ethical standards Working within the confines of regulatory barriers can make it difficult to spur innovation and improve customer intimacy. How do we drive innovation and new insights while streamlining with legislation? At what point do you know your customers too well before sacrificing the B2C relationship? Explore the differences between personalized and de-personalized data Ensure your data fosters customer consent and trust Share data across borders examine the role of competition law Moderator: Bob Passmore, Senior Director Personal Lines Policy, PCIAA Panelists: Aaron Brandenburg, Economist & Statistical Information Manager, NAIC Brian Cohen, CEO, Pacific Specialty Insurance Paul Ballew, Chief Data & Analytics Officer, Dun &Bradstreet For more information on the event visit the conference homepage at:

5 CASE STUDY Successfully implement data analytics into your day-to-day operations The challenge for many companies is to overcome their natural inclination to be intimidated by the perceived complexity of building a successful data-driven strategy. In fact, once you get beyond the fancy vocabulary, a good data-driven strategy requires operating executives to understand the data they want to analyze. In order to achieve this strategy you must better understand the process and tools you can use to integrate data analytics into your operations for maximum results. Brian Cohen, CEO, Pacific Specialty Insurance Insurance data and analytics skills, competencies and Roles An explosion of volume and variety of information, and desire to consume such information at the same speed as it is produced at, creates a unique opportunity and challenges for the insurance companies. To overcome the challenges and maximize the returns, the insurance analysts are diversifying into variety of roles, skills and competencies to build competitive edge for their enterprise. This session will review what such roles look like as the data driven culture embeds deeper in the insurance enterprises Munish Arora, Senior Manager, Product Analytics, CSAA PANEL Set up the information and organizational infrastructure to deliver maximum value from all your internal data In a perfect world, if underwriting were to tap into marketing, claims and actuarial databases they could ultimately achieve the holistic view of the customer. How can we use analytics to improve customer transparency, organizational efficiency and overcome siloed departments? Additionally, how do we mine data out of legacy systems to extract value from customer data to improve business decisions? Move from siloed systems to work across organizational borders Mine data out of legacy systems to support granular data Address issues and challenges around integration of structured and unstructured data Define leadership accountability and responsibility with a company-wide analytics strategy Moderator: Seth Earley, CEO, Earley & Associates Panelists: Elizabeth Riczko, Group Analytics Leader, Westfield Insurance Gregory Short, President, DataDNA Nora Fitzgerald, VP, Statistical Reporting, Corporate Actuarial, CNA Bob McPherson, Director P&C Actuarial Research, Nationwide Text and Data Mining Solutions for Insurance Business operation of an insurance company generates wealth of data about contracts, claims, arbitrations, litigations, regulations, customer communications and survey responses. These data can provide invaluable business insights and facilitate informed decisions. However, the amounts of data one needs to analyze are enormous, its semantics complex, and the main portion of these data is stored in the form of free text documents, which cannot be efficiently processed by traditional analytical tools. This talk illustrates how innovative advanced analytics techniques are used to address typical data analysis challenges in insurance. We provide an outline of key text and data mining steps and techniques and present in more detail several important business solutions incorporating analytics as their cornerstone. We discuss solutions performing the prediction of litigation and subrogation probability, and fraud detection based on claims data, the analysis of customer communications and surveys data, collaborative databases, and social media data. Sergei Ananyan, CEO, Megaputer Claims analytics FOCUSED SESSION Part 1: Overcome the challenges to win big with claims analytics Claims Departments all have an ocean of data and mountains of reports. Unfortunately, most struggle to go beyond basic reporting and are poor at delivering "actionable information why is this so difficult? Learn the single most important thing you can do with claims systems and supporting systems Understand what must be done to successfully deploy predictive analytics It starts with a team: who to hire and how to align them? Hear best practice for setting KPI s, report distribution, dashboard creation and scorecard implementation Share information effectively to Establish a Claims Analytics Culture Moderator: Stephen Applebaum, Insurance Claims Solutions Panelists: Grant Little, Director of Claims Technology & Analytics, National General Wayne Wendling, VP, Actuarial/Strategic Research & Economics Modeling, CNA Web Data 101: Learn what s out there and how to use it New to web data analysis? Not sure what data points to ask for? In an evolving world of cross channel analysis and DMP adoption, the online world meets offline. Find out the robust amount of information included in most web analysis tools, and learn how data can be leveraged for risk assessment, discounts, and more. Factor in online behavior when create pricing models Use online activity to evaluate attrition factors Leverage site and social media data to bring propensity models up to speed Heather Mills, Web Analytics Administrator, American Family Insurance PANEL Beyond Phones: A World of Potential in Smart Devices Insurance companies are by now fully aware of the transformative effect the smartphone has had on consumers relationships with their insurers, their personal data, and their digital lives. But the effects don t end at the rounded corners of the latest must-have mobile handset. A wealth of commonly used items, from cars to refrigerators to blood-pressure cuffs, are being equipped with location-aware, always-on, data-collecting (and transmitting) sensors. The availability of that kind of data has the potential to rewrite the way insurers evaluate and monitor risk. In this panel discussion, we ll discuss extant and theoretical uses of data from smart devices, as well as well as privacy, security, regulation and infrastructure. Moderator: Nathan Golia, Senior Editor, Insurance & Technology Panelists: Piyush Singh, Chief Information Officer, Great American Insurance Group Partha Srinivasa, Chief Information Officer, Houston Casualty Shekhar Shastri, Head of Innovation Lab, Sun Life Financial For more information on the event visit the conference homepage at:

6 Group Discounts More heads are better than one! Make sure you have the capacity to take full advantage of networking & learning opportunities! Do you qualify for a group discount? Contact Brittany Reyes at [email protected] or (201) Who Should Attend? C-level, EVP, SVP, VP, Directors and Managers of: Underwriting Pricing Claims Fraud Actuarial research Analytics Data/science Technology Operations Product management Marketing Web/mobile/digital channels DO YOU OFFER AN ANALYTICS SOLUTION? Analytics for Insurance USA provides you with a remarkable opportunity to showcase your products and solutions to a host of key potential clients with real spending power. HERE IS A SAMPLE OF THE LEADING BRANDS WHO ATTENDED DATA DRIVEN BUSINESS EVENTS IN THE PAST: Ensure your company is represented at this exceptional event! Contact Data Driven Business to take advantage of our sensational sponsorship packages and get your products or services seen by the right people! Drive home your message - limited speaking slots available Pre, during and post conference exposure on marketing material and web site to 100,000+ contacts Assure 1:1 interactions with a private dinner or workshop Branding and marketing exposure through lunch, coffee or networking party sponsorship Showcase your products and services with an exhibition booth Cost effective messages with inserted mail pieces Stay ahead of the competition and secure your place now! You will benefit from multiple opportunities to talk with the clients and prospects you want to do business with and kick start your sales. All under one roof and all in just two days - saving you both time and money! Call me now to find out how you can get involved! Brian Smith Vice President, Business Development Data Driven Business Telephone: [email protected] For more information on the event visit the conference homepage at:

7 Analytics for Insurance USA Your Choice of Registration Package Vendors/Consultants/Analysts Platinum Pass Access to audio recordings of every conference session Access to Pre-conference workshop: schedule TBA MOST POPULAR Gold Pass Access to audio recordings of every conference session Silver Pass Conference Materials Access to audio recordings of every conference session Insurance Carriers Platinum Pass Access to audio recordings of every conference session Access to Pre-conference workshop: schedule TBA MOST POPULAR Gold Pass Access to audio recordings of every conference session Silver Pass Conference Materials Access to audio recordings of every conference session Super Early Bird (expires Dec. 20th) $1,695 $1,495 $300 $300 Early Bird (expires Jan. 24th) Last Chance (expires Feb. 21st) NO LONGER $1,795 AVAILABLE $1,995 $1,595 $1,295 $1,395 Super Early Bird (expires Dec. 20th) $1,295 $1,095 Early Bird (expires Jan. 24th) $1,395 $1,795 $1,595 $1,395 Full Price $2,195 $1,995 Full Price $1,495 NO LONGER $1,595 AVAILABLE $1,795 $1,995 $1,195 $1,595 Last Chance (expires Feb. 21st) $1,795 $1,795 $1,595 Date & Venue March 19-20th, Hilton Chicago Hotel Discounts We have negotiated special room rates at the hotel. Reservation and price details will be sent to you when you register Group Discounts Come along with members of your team and take advantage of Data Driven Business' special group discounts. The more attendees you sign up, the more money your company saves! Contact us here at at for more details EASY WAYS TO 3REGISTER TODAY Online: insurance-analytics/register.php Brittany Reyes Phone: Brittany Reyes on Cancellation Policy Passes are transferable without any charge. Cancellations by February 21st, 2014, 2013 incur an administrative charge of 25%. If you cancel your registration after September 6th, 2013 we will be obliged to charge the full fee. Please note you must notify Data Driven Business in writing of cancellation or we will be obliged to charge the full fee. All cancellation requests should be ed to The organizers reserve the right to make changes to the program without notice. Terms and Conditions com/terms-and-conditions-0 Register In Minutes at:

8 Save $500 by booking before December 20th Analytics for Insurance USA Accelerate underwriting, pricing & claims functions to understand your customers, improve decision-making & reduce risk exposure Extensive research: Three months of meticulous research with leading financial customer analytics experts has ensured that this agenda will tell you exactly what you need to know in order to profit from customer analytics Real Networking: Over 250 subject matter experts set to attend. Learn from, engage, and build your business with over 10 networking hours built into the agenda High caliber speakers: Hear from over 30 nationally recognized financial experts in analytics and how they ve utilized them to increase their ROI Profitable solutions: Products showcased at the exhibition could be exactly what you are looking for to increase profitability, customer satisfaction, and up-selling your customers Stimulating debate: The conference is structured to encourage active participation and Q&A. Exchange ideas with speakers and fellow delegates to get all of your questions answered 25+ Expert Speakers including: Brian Cohen Pacific Specialty Insurance David Zona Chief Underwriting Officer Fireman's Fund Insurance Upendra Belhe Chief Analytics Technology Officer Chubb Bob McPherson Director - P&C Actuarial Research Nationwide Insurance Wayne Wendling Vice President - Actuarial/Strategic Research & Economic Modeling CNA Elizabeth Riczko Group Analytics Leader Westfield Insurance Media Partners: The world's largest insurance community Piyush Singh Chief Information Officer Great American Insurance Grant Little Director - Claims Technology & Analytics National General OPEN NOW for full agenda and speaker details