"It is not my job to have all the answers, but it is my job to ask lots of penetrating, disturbing and occasionally almost offensive questions as part of the analytic process that leads to insight and refinement."
How Will Predictive Modeling Change the P&C Industry in the Next 5-10 Years? Predictive analytics-related predictions: 1) More Property & Casualty insurers' competitive strategies will be tied to analytics. 2) Data will be explicitly recognized as an asset. 3) Analytics will be applied to better understand consumer behavior and market-based (not merely cost-based) pricing. 4) Analytics will also be used to better understand employee behavior. 5) Technical actuaries will find many new opportunities beyond the pricing department.
Competing on Analytics: The New Science of Winning A valuable look at the definition, role and value of analytics. Full of examples, specific guidance and insight. From the Resource: "Using analytics is good: 1) Finding the best customers, and charging them the right price. 2) Minimizing inventory in supply chains 3) Allocating costs accurately and understanding how financial performance is driven. Competing on analytics is better; making analytics and fact-based decisions a key element of strategy and competition."
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