The 2015 Data & Analytics Report by MIT Sloan Management Review and SAS finds that talent management is critical to realizing analytics benefits. This fifth annual survey of business executives, managers and analytics professionals from organizations located around the world captured insights from 2,719 respondents. It finds that organizations achieving the greatest benefits from analytics are also much more likely to have a plan for building their talent bench.
At XL Catlin, executives wanted to develop advanced analytical tools for its underwriters who have to make risk decisions and price policies before they know the costs. XL Catlin formed a team led by Kimberly Holmes, an actuary, to develop and implement predictive, multi-variant analytics, using internal and external data. After four years, XL Catlin has seen its claims per dollar of premium written fall significantly in those businesses which were early adopters of predictive models.
That’s a significant source of recurring profits. The profits come from having a new, proprietary way to identify risks. “Risk selection is the main driver of profitability for us,” said Holmes, now senior vice president of strategic analytics at XL Catlin. “We will outperform our competition just knowing what to write more of, what to write less of.”
Read more about building analytics talent in the full 2015 Data & Analytics Report – The Talent Dividend.
Read more about analytics from XL Catlin’s Kimberly Holmes:
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