Applied Insurance Analytics: A Framework For Driving More Value From Data Assets, Technologies, And…

Hardcover | July 7, 2014

byPatricia L Saporito

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Insurers: use analytics to drive far more value from your most important asset -- data! Today, many insurers radically underutilize their data, leaving them vulnerable to traditional and non-traditional competitors alike. Now, drawing on 25 years of industry experience, Patricia Saporito shows how to systematically leverage analytics to improve business performance and customer satisfaction throughout any insurance business.


Applied Insurance Analytics demonstrates how to use analytics to systematically improve operations ranging from underwriting and risk management to claims. Even more important: it will help you drive more value everywhere by defining a focused enterprise-wide analytics strategy, and overcoming the challenges that stand in your way.

Saporito helps you assess your current analytics maturity, choose the new applications that offer the most value, and master best practices from throughout the industry and beyond. Throughout, she helps you gain more value from data assets, technologies and tools you've already invested in. You'll find new case studies, practical tools, and easy templates for improving the "Analytics IQ" of your entire enterprise.


For every insurance industry professional and manager concerned with analytics, including users, IT pros, sales/marketing specialists, and data scientists. This book will also be valuable to students in any MBA or other program focused on insurance or risk management, and to many students in IT or analytics-specific programs.

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From the Publisher

Insurers: use analytics to drive far more value from your most important asset -- data! Today, many insurers radically underutilize their data, leaving them vulnerable to traditional and non-traditional competitors alike. Now, drawing on 25 years of industry experience, Patricia Saporito shows how to systematically leverage analytics...

From the Jacket

Most insurers fail to fully exploit their greatest asset: data. Why? Because their use of analytics is largely limited to stovepiped operational areas such as underwriting, claims, marketing, or risk management. To unleash the value buried in your data, you need an analytics strategy that is enterprise-wide, business driven, and perfor...

Patricia 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 wi...
Format:HardcoverDimensions:208 pages, 9.1 × 6.3 × 0.8 inPublished:July 7, 2014Publisher:Pearson EducationLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0133760367

ISBN - 13:9780133760361


Extra Content

Table of Contents

Preface     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

Editorial Reviews

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.