McKinsey (link below) discuss the value driven by advanced AI. “Organisations achieving better scale and value are what McKinsey terms “breakaways” and more likely to engage in the practises below.
- 2 times more likely to obtain strong executive alignment
- 3.5% more likely to exceed 3 plus use cases across organisations
- 13% more likely to spend >25% of IT budget on analytics
- 2.5% more likely to spend more on analytics over next 3
- 4 times more likely to devote more of analytics spend to embed analytics into organisational DNA
McKinsey describes nine critical areas in which insurers should outperform to be “breakaways” instead of laggards. The results will come through in increased satisfaction and improvements to the bottom line
Aligning on Strategy
- Obtaining a strong and unified commitment from all levels management
- Increasing analytics investments with a focus on the last mile (embedded analytics)
Building the right foundations of data, technology and people
- Developing a clear data strategy and & strong data governance
- Using sophisticated analytics methodologies
- Possessing analytics expertise and talent strategy
- Creating cross-functional, collaborative and agile teams
Conquering the last mile by embedding analytics into decision making and processes
- Prioritising top decision-making processes
- Establishing clear decision-making rights and accountability
- Empowering the front lines to make analytics driven decisions
360Retrieve already delivers these capabilities for insurers right through to embedding analytics and conquering the last mile. But also realise it requires more than just technology as McKinsey explains
It’s time to break out of pilot purgatory and more effectively apply artificial intelligence and advanced analytics throughout your organization. Our interactive playbook can help.
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