Books
Driving More Value From Data

• John Weber
• December 2020
• 

Applied Insurance Analytics—A Framework for Driving More Value from Data Assets, Technologies, and Tools

Pat Saporito has developed a video workshop to complement her 2014 book and help insurers maximize their most important asset: data. She is the founder and principal consultant of Saporito & Associates. Following is an excerpt of an interview with ^AMBestTV.

Tell us about the book and how things have evolved since it was first published.

The book is in its second printing, and it's been translated into Chinese. I'm now developing a cross-industry version, which will include line-of-business case studies that are relatively common to any industry—like marketing, sales, [human resources] and finance. Then it will focus on case studies within specific industries, which have analytics unique to them. Yield management for airlines is an example.

I understand you've also launched a workshop based on the book.

Yes, and this goes back to the Chinese translation. I was approached last year by the Singapore College of Insurance to run a live conference in Singapore based on the book. With COVID, we elected to develop a video course as a companion to the book, and that was launched this past fall. My publisher, Pearson, has been focused on video and e-learning, so I am looking forward to developing a video companion to the cross-industry version as well.

We all know that data and analytics have become the lifeblood of insurance. What's different about your workshops?

They're very pragmatic. I use prescriptive, practical ways for people to understand the fundamentals of how to be successful with analytics and then develop a road map to move forward. One important step is to assess their existing capabilities.

The books provide all kinds of tools, including what I believe is the most valuable one, what I call an actionable analytic framework so people can ask better business questions. The analytics can wrap around those questions, so they can frame their analytic questions much better, and make sure the data and analytics are truly actionable, helping them move the needle. 

What are the methods you prescribe, and how can insurers implement those methods?

The first method is developing an overall data and analytics strategy that aligns to your business strategy. Without having a way to execute on that strategy, you're pretty limited, so I prescribe having a business analytics competency center to operationalize it. The third element is trying to increase the skills of your employees, starting with data and analytics literacy. Then we help insurers to evolve those skills and apply them.

Publisher: Pearson Press Analytics (July 2014)

AM Best Trilogy

AM Best details the history of AM Best, credit rating agencies and the life of Alfred M. Best.

The Company—A History of AM Best

The Industry—A History of Credit Rating Agencies

The Man—A Biography of Alfred M. Best

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