Gaining Value From Big Data Analytics: What It Takes to Get There

Big data analytics can be immensely valuable for organizations across industry sectors, but for many, achieving that value has been difficult.Executive SummaryTo derive value from investments in big data analytics, insurers need to start with a clear vision and an internally unified focus on the goals they want to achieve, according to FTI Consulting’s Mark Higgins. Here, he offers advice about how to develop a solid game plan to derive desired long-term value. He also reviews an example of corrective actions FTI recommended to get a commercial insurer’s analytics project on the right track toward a goal of increasing policyholder retention.

Executive Summary

To derive value from investments in big data analytics, insurers need to start with a clear vision and an internally unified focus on the goals they want to achieve, according to FTI Consulting's Mark Higgins. Here, he offers advice about how to develop a solid game plan to derive desired long-term value. He also reviews an example of corrective actions FTI recommended to get a commercial insurer's analytics project on the right track toward a goal of increasing policyholder retention.

Progress has been constrained by legacy issues in some cases, a disjointed approach to adoption in others and by a lack of understanding what is required to operationalize analytical insights within business processes.

To be effective, big data analytics must function in a unified framework of complementing technologies and enterprise structural components. This means that an organization must have a solid game plan on how to proceed over the long term, starting with a clear vision and a unified focus on what they want to achieve from their investments in big data analytics.