approach to insurance
A white paper proposing an agile approach to Analytics development that delivers ROI at every stage of the Analytics project yet remains extremely responsive to new directions and changes.
Traditional Analytics projects oftentimes take too long or fail to deliver adequate Return on Investment (ROI). In addition, the traditional “waterfall” methods have proven ineffective at supporting on-going change. This white paper explores a different approach to insurance Analytics implementation projects, an “iterative-incremental” approach that delivers on expectations and ensures needs and requirements are fulfilled.
It is well known that Analytics solutions evolve more rapidly than operational systems. The number of users increases in relation to the adoption rate. Data volumes increase on a regular basis. Requirements change and diversify. Data sources themselves evolve over time. As a result, with the traditional “waterfall” approach to Analytics development enterprises can wait a long time to see results. An iterative-incremental approach delivers results earlier and more regularly.
The iterative-incremental approach to insurance Analytics projects has two important structural characteristics. First, it “divides and conquers”. Larger problems, such as the implementation of an Analytics platform, are broken down into more manageable pieces, or iterations, which bring incremental value to the business.
Second, the iterative-incremental approach focuses on a “parking lot” of value-adding features. The client defines and selects those features that are most valued. Each iteration focuses on the delivery of the selected subset. The client always gets ROI, and this, in a relatively short time-frame.
This white paper elaborates on the iterative-incremental approach outlined above. It describes the ins and outs of the method, and explains why the first two iterations are the most important.
Download this white paper for an overview of the iterative-incremental approach to Analytics project development and delivery.
By Jean-Stéphane Faubert