Data and analytics are becoming a key differentiator in insurance, especially in underwriting and claims handling. It is crucial for technology leaders to harness the power of artificial intelligence, machine learning, and third-party data sources. It is of equal importance for technology leaders to foster partnerships between technology organizations and analytics teams—doing so may mean the difference between implementing innovative solutions or traditional ones, and between deriving value from operationalizing analytical insights or not.
As technology continues to advance in the analytics space, insurers that focus on aligning and strengthening the relationship between the IT and analytic organizations are well positioned to take advantage of these innovations. CIOs looking to nurture this relationship will need to take diplomatic initiative. Fostering team work between these two groups requires carriers to rethink their organizational approaches and IT leaders to take steps outside their comfort zones, including:
Become an Enabler
It’s important for technology leaders to form a good working relationship with analytics partners at the highest organizational level.
Co-Sponsor an Initiative
A good way to start is to focus on opportunities that bring together domain knowledge from each discipline.
Support Collaboration and Team Building
Technology leaders should include business partners in team and working meetings—even if the topics are technically focused.
Leverage Agile
Agile methods bring technology and analytic team members into the same development process. Both technology and analytic team members can fill product owner and engineer roles.
Share Talent
Creating an environment where everyone has an important role (and where neither domain is superior) is critical to developing a sustainable partnership.
Showcase Successes Together
Technology leaders should be comfortable talking about their experiences working together with analytic leaders, citing successes and lessons learned during town halls and other forums.
This CIO Checklist provides a guide for IT leaders to build and strengthen relationships with analytics units in their organizations. For more on this topic, see Novarica’s latest brief, Building IT/Analytics Alignment.
Add new comment