Ventiv Technology

Data is everywhere, and new analytics technology is giving risk and claims leaders the tools to work with it directly, finding the answers they need to drive their businesses forward. Data and analytics have always been the language of risk, insurance, and claims. Going back to the early days of Lloyd's, underwriters of the day met in coffee houses to share their experiences around which ships successfully made it to port. Marine insurance began with people pooling information and using it to inform business decisions. Over the years, the insurance industry became more formalized. Actuarial science emerged as a way of institutionalizing the process of collecting data and applying it to the practice of evaluating and pricing risk. As data analytics fueled the growth and sophistication of insurance, risk, and claims, it also grew increasingly siloed to a subset of specialists. Actuaries and data scientists became the experts at drawing in concepts from mathematics and applying them to analyze and measure risk. Within an organization, there were typically a select few experts or service providers who were responsible for the data. But all of that is changing. ANSWERING THE CRITICAL BUSINESS QUESTIONS Exponential growth in computing power as well as available data sets have lifted the veil that once shrouded data analytics. It's now accessible to risk managers and claims executives—that is, the people with the decision-making power to apply analytical findings and implement operational changes. IT'S TOO LATE TO WAIT! IT'S TOO LATE TO WAIT! Risk and claims leaders must harness Risk and claims leaders must harness 28 | 3SIXTY ° VENTIV TECHNOLOGY

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