Data & Analytics: Are you making progress?
What are CIOs' Major Initiatives for 2020? What are the Key Technologies that are impacting CTOs' 2018 plans? How are cutting-edge technologies being applied as we brave the new world of fintech?
Three technologies that should not be overlooked:
- Social Media Intelligence
- Big Data Analytics
- Smart Robotics
From the CIO perspective…
- Social Media is a means for creating new information.
- Big Data is the new method for analysis of information.
- Smart Robo is the platform of new information transfer & sharing method.
We believe that the possibility of disruption should be addressed in all adoptions.Social Media Intelligence
For many people, social media intelligence or what others call social media listening, consists purely in screening social media platforms to get data that can complement internal data to make a better business decision.
Actually this definition is too short and does not include all key phases of a proper social media intelligence strategy.
At Celent we define social media intelligence as the strategy consisting in:
- Defining strategic objectives that are dependent not only on internal but external data.
- Defining a semantic scope or a group of topics, relevant social media platforms, and a geographic and language scope to be considered for the analysis.
- Filtering and analyzing social media data regularly (real time, daily, or monthly, but it is generally a continuous process).
- Implementing an action plan leveraging findings derived from the data analysis to achieve the strategic objectives initially defined.
Since 2013, the results of ongoing Celent Survey have brought us many suggestions.
This figure shows the recent evolution of the insurance industry, as well as where we think it should be.
In 2013, Celent placed the target between practitioner and innovator. The survey in 2015 demonstrates that insurers have matched this level in the internal measures.
While 2015’s survey positions competitors ahead of last year’s, they have not matched the pace over the last two years. Similarly, survey respondents value customer expectations below their own investments, even though many digital leaders in insurance claim that insurers are compared to digital retailers and other services.
One BIG observation: The greatest shift has been the perceived benefit of data. This finding is consistent with what Celent has heard from the survey; even small data projects have demonstrated value and created a greater appetite for more information.Smart Robotics
Once upon a time, a screwdriver was required to program a computer. It was used to install a new vacuum tube or remove a faulty one and pass electricity in the correct sequence to signal a zero or a one. Thanks to Moore’s Law, we have progressed exponentially since then.
However, until recently, IT professionals have continued to operate in the same programming paradigm: providing instructions to a computer requires that a human knows the solution to a problem before they began coding.
Advances in techniques such as artificial intelligence, machine learning, deep learning, and cognitive computing are challenging this convention. Using these tools, knowing the answer in advance is no longer required.
Celent views this shift as the next “Big Idea” in computing. We have labeled such a platform “The Aware Machine.” It combines multiple emerging technologies to solve problems once deemed too expensive, too complex, or just unknowable…
The Celent Aware Machine, displayed in the figure, is a conceptual representation of a platform which combines multiple technologies: artificial intelligence, machine learning, cognitive computing, and/or deep learning.
In this conference, I will focus on Social Media Intelligence, Big Data Analytics, and Smart Robotics, which are three major emerging technologies that are rapidly being adopted in the Financial Services Industry.
By participating in my session, you will understand the trend of modernization in Data & Analytics and how to introduce these three important technologies in various segments of the Insurance Industry.
In this conference, we will also discuss the impact of using AI and how to utilize this technology in Claims Management and Insurance Fraud.
13-14 Jun 2017, Mandarin Orchard Hotel, Singapore
Theme: "Managing Claims & Combatting Fraud as Strategic Tools for Success in the Era of Disruptive Innovation"
Recommendation: Related Celent Reports