On July 9, Montoux collaborated with AWS and Oliver Wyman on a webinar entitled ‘Data, Analytics and Decisions - How Modern Insurers are Improving In-Force Value in Long-Term Care.’ The webinar addressed key in-force management challenges in long-term care, opportunities with regards to third party data, and how LTC providers can make the most of their data and the insights it provides.
- Geoff Keast, CEO at Montoux
- Vince Bodnar, Partner at Oliver Wyman
- Ralph Severini, Global Lead for Insurance Partners at AWS
Key Insights from the webinar included:
- Legacy data infrastructures restrict financial institutions in a number of ways, including lack of scalability, rigid data schema that limit the impact of data analytics, limited access to historical data, and a disconnected presentation of data activity.
- Data lakes are an attractive alternative to legacy data infrastructure, allowing for:
- The storage of structured and unstructured data at any scale
- Accommodation and enabling of machine learning techniques, real-time streaming analytics, data discovery, and business intelligence
- Easy access to historical data
- Data lakes and the benefits of the cloud provide the optimal foundation for long-term care providers to enable innovation and better use of data analytics
- There is no ‘magic button’ to generate meaningful data analytics and results, it’s something you need to develop and work on over time
- ‘Analysis paralysis’ is common when faced with the many possible actions that analytical insights provide. Decision science helps determine which tradeoffs are optimal, in the best interest of the company, and inline with strategic objectives. The process becomes more refined over time based on results.