Enhancing data & analytics capability
With the help of Practicus’s capabilities in Data & Analytics, this specialist insurer has improved the way it exploits data and information for both commercial and non-commercial benefit.
With the introduction of a new Chief Data Officer, this specialist insurer understood the value that could be gained from improved data exploitation. Historically, data in the business was uncoordinated, uncontrolled and inconsistently governed, which led to duplicated activity, potentially missed opportunities and risks associated with exposure.
Practicus was asked to help the business overcome these challenges by raising awareness and helping it better gain insight from the data it had at hand.
Understanding the benefit of situational analysis, Practicus met with stakeholders to identify the current pain points and desires, and then decide what improvements needed to be made. This baselining led to the creation of a culture and innovation programme to raise awareness of data and the insight that could be gained.
Though the programme of work is ongoing, Practicus has put in place a framework to improve the way data is used at this specialist insurer. By raising awareness for the importance of data hygiene standards and governance, the business will be better able to capitalise on the commercial and non-commercial benefits of data exploitation in the future.