Managing risk is what insurance is all about. Unpredictability rules the roost. Tornados touch down in unexpected places, super storms are drifting further up the northeast coast. Western U.S. droughts are unprecedented. Trends point to more disasters to come. Unpredictability is not just the nature of the business, it’s the nature of nature itself. Having the flexibility to choose among options – such as deciding whether to outsource or insource your claims services, or whether to deploy software or request services– is key to survival.
If I asked you to tell me about your most interesting profit opportunities, the words “renters insurance” probably would NOT spring to your lips … today. But tomorrow, your answer may be different.
Babies are adorable. But expensive.
A baby crib and bedding, changing pad, stroller, highchair, car seat, sling carrier, doorway jumper, monitor, walker, bathing tray, diaper bag… Did you know that Americans spend on average $2776 on such items for little baby Sue or Jimmy?
When you think about how often we use averages in important business decisions in our industry it’s a bit scary. Imagine building a home in Florida, assuming it needs to withstand only average weather conditions? Accounting for variability is usually critical to accurate decision making, but, it requires more data and more work to extrapolate the key insights. That’s what “big data” is all about.