DecisionsFirst™ Insurance Data-Driven Decisions
What is Decision Management?
Modern-day business operations are centered around processes and data. However, when knowledge and expertise are forced into hard-coded, inflexible systems, bottlenecks occur. By adopting and scaling the capabilities of business rules, decision modeling, and machine learning, Digital Decisioning leverages data and expertise to create business value, improve results, and deliver a great user experience to effectively meet today’s operational requirements. For Digital Decisioning to deliver true value, it must initially focus on solving business problems that will, ultimately, contribute to positive and desirable business outcomes. Technology, automation, and methodologies are essential for Digital Decisioning, but they are always at the service of business decisions.
The foundation for successful Digital Decisioning projects is applying a Decision Management approach. Decision Management models business decisions first. These decisions, for the most part, have to do with customers and how you engage with them, deliver services to them, or handle their transactions.Once you have a good grasp of what decisions your business needs to make and how these decisions will advance your business, Decision Management shows which technology and analytics tools you need to invest in and how to integrate them. Finally, Decision Management focuses on the processes and infrastructure needed to ensure continuous improvement and business engagement. To maximize success, adopt a proven approach such as the DecisionsFirst™ approach from Decision Management Solutions.
Insurer carriers typically have no shortage of data and the amount of data collected only increases as they capture more and more information online. That said, it can be a challenge to put that data to good use. Becoming more data-driven is on many insurance company’s radar screens. It can, however, be overwhelming to decide how and where to get started.
Decision Management Solutions has developed a proven approach to help those carriers that seek to more fully harness the power and potential of their data. The DecisionsFirst approach, which helps deliver high impact analytics, is made up of three key elements:
- Begin with decisions, not with data
- Begin with operational decisions, not strategic ones
- Begin with an agile analytic deployment platform, not with visualization
We partner with an insurance company to examine a particular set of decisions. They could be marketing decisions, underwriting decisions, or adjudication decisions. We start with a discovery session that deeply examines the current decision-making approach to understand the whats, whys and hows. This process helps to identify and prioritize areas of opportunity for improving and streamlining the current decisioning approach.
From here a decision model is built based on the new data-driven approach. The DecisionsFirst framework can easily integrate the appropriate analytics, as required for the decision being made. For example, a decision service can automatically retrieve the data required to execute an analytic model in real time. The score (or other analytic output) can then be returned to the service to be used in decision making. Likewise, where appropriate, an API can call a machine learning platform for inputs required for a decision.
Once the decision model is perfected, the software solution is developed, tested and implemented based on each client’s unique technology infrastructure or our cloud-based delivery architecture. Clients can also receive a dashboard on which they can simulate future modifications to their decision criteria, rules or policies prior to implementing those changes.
DecisionsFirst™ Solutions ― Enable your organization to make more straight-through, data-driven decisions with advanced analytics, machine learning, business rules and artificial intelligence (AI).
Delivering high impact analytics: start with the decisions
McKinsey & Co. surveyed data and analytics leaders with global life insurance and property & casualty carriers. Eighty percent (80%) of responders reported that their analytics investments are not delivering high impact.
What’s stopping them from delivering high impact? A failure to integrate analytics into workflows and frontline systems.
This can be resolved by following the DecisionsFirst approach.