Consumer behavior/interactions are stored in a database/application somewhere. At some point, "too-late" analytics is done a generic offer/response is sent to the consumer. Insurance typically have what I call "too -late architectures". They want to transform all their business processes and empower employees/processes with insights on each consumer and create a personalized experience based on their profile and behavior. They want their Data Science insights to be connected to operations,network, apps, employees, consumers in real-time/right time. Why? Because their data scientists know which intersections are dangerous based on data science applied to all the claims filed previously. This includes guiding them to avoid dangerous intersections during specific times of the day. They want to monitor the driving behavior of consumers and give them discounts for driving safely. It actually gets worse as dogs are quite lazy. (Note - please do not tie the Fitbit to your dog to get a better exercise profile. More you exercise, lesser your healthcare costs They want to give free fitbit type activity monitor to their consumers and reduce their healthcare premiums based on their exercise patterns. Volume, Variety, Velocity and Complexity of data is increasing. They wanted ideas on how to distill, organize and govern the data they needed to model risk.Īnd interestingly like my retail, bank, airline, airport customers, they want to understand the monetize the consumer behavior to reduce risk and customer churn. They are struggling with all kinds of data (structured, unstructured data). For that, they need all kinds of data sets and the ability to manage, organize and analyze them appropriately. Risk has to be sized delicately, just like Goldilocks' requirements. Like Goldilocks they want their offers to be of perfect "risk cups" - not too little, not too much. They have to look at all kinds of data to ensure that they are modeling risk appropriately. Insurance companies were probably the world's first data scientists. In this story, everything highlighted in "bold" is a capability provided by TIBCO.Īn insurance company came to us with an interesting problem and some solution ideas. The true stories are quite impressive by themselves, but I decided to make it even more impressive by adding some color to it. This is a fictional story, based on some true stories.
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