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Instructor
Ajay Bhargava, Instructor - Insurance Analytics Training

Ajay Bhargava

Ajay specializes in transforming organizations to be more “analytics driven”. He has over 27 years of experience in data and analytics industry developing solutions and mentoring professionals from a large spectrum of domains ranging from students to Fortune 500 employees. Starting in 2010, he has incubated and grew a global big data and analytics organization serving insurance and healthcare customers of the 6th largest IT services company in the world.

Instructor: Ajay Bhargava

Learn how Analytics can derive value for Property(Home) & Casualty(Auto) Insurer

  • Learn how to harness data and harvest business value in the insurance industry using analytics
  • Instructor has over 27 years of experience and was the Global Head of Analytics and Big Data Practice for TCS Insurance and Healthcare Vertical
  • Provides real world examples and case studies 

Course Description

Today, the insurance industry is in a highly regulated and competitive environment. Consumers pay premiums for getting insured, in exchange for the risk insurers take on their books. In pricing and underwriting, mathematical and statistical methods has been prevalent for a long time to appropriately price that risk (actuarial science). With rising expectations of the digital consumer, technological advancements, changing demographics, and highly unpredictable catastrophic and risky events, the need for differentiation has become more pressing. Insurance companies are transitioning from a “product-centric” to a “customer-focused” approach, much like the retail and telecom industries went through in the past. Moreover, since the advent of the internet, the exponential rise in different types of data has left many companies feeling like they are “extremely rich in data, but extremely poor in derived value”. This course will explain how executives and analytics practitioners can harness that data, and harvest the business value using analytics. After a brief overview of insurance industry, we will explain the different types of analytics. Subsequently, we will walk through various use cases to show how each line of business (LoB) could benefit from applying analytical techniques. We will then talk about the importance of a strong data foundation and organizational architectures needed to inculcate an “analytics-driven” culture within the enterprise. Finally, we will discuss innovations and trends that will fuel the need for analytics even more, and we will give some suggestions for companies that want to understand their consumer behavior better, and stay ahead in this competitive environment. Throughout the course, I will sprinkle real-world industry examples of analytical initiatives and challenges faced in delivering value.

What am I going to get from this course?

  • Become familiar with the Insurance Industry landscape
  • Identify what's possible with the state of the technology in today's world
  • Identify business use cases for analytics, and understand the IT support needed to drive value from these use cases
  • Be able to come up with a strategy and roadmap for data and analytics
  • Monitor and measure the impact of Analytics on the business 
  • Understand applications of analytical techniques 
  • Understand how to enable a data-driven culture within a company
  • Suggest proof-of-concept areas within a line of business 
  • Leverage new technologies and techniques to sustain competitive advantage

Prerequisites and Target Audience

What will students need to know or do before starting this course?

  • Basic knowledge about how an insurance company works
  • An inquisitive mind

Who should take this course? Who should not?

  • Executives, managers and analysts in the insurance and reinsurance industries
  • IT professionals and Data Scientists who want to understand how analytics is utilized in the Insurance Industry

Curriculum

Module 1: Course Overview and Objectives

Lecture 1 Audience, Overview and Objectives

Module 2: Insurance Industry Overview

Lecture 2 Property & Casualty, Life & Annuities Banking, Investments & Advisory, Health Personal & Commercial Reinsurance, Products and Services

Module 3: Types of Analytics

Lecture 3 Descriptive, Predictive, Prescriptive, Cognitive Data, Text, Speech Analytics Data Analytics - Algorithmic Techniques Text Analytics - Algorithmic Techniques

Module 4: Enterprise Data Strategy - Harnessing Data Across Silos

Lecture 4 Harnessing Data Across Silos

Module 5: Industry Use Cases - Harvesting Value Using Analytics

Lecture 5 Customer Acquisition and Churn, 360 Degree View of Customers Across Channels, Customer Lifetime Value - Profitability, Customer Segmentation, Telematics, Risk Analytics, Fraud Detection, CAT Events Modeling, Actuarial Pricing & Underwriting, Claims Analytics - Business Processes Optimization Customer Experience, Agent Analytics - Productivity and Customer Experience, Call Center Analytics

Module 6: Value Creation

Lecture 6 Better, Cheaper, Faster | New Business Model | Existing Model in LoB Taken to Enterprise

Module 7: Organization Structure - Building & Nurturing an "Analytics Driven" Culture

Lecture 7 Data-Driven Culture

Module 8: Industry Trends and Innovations - Rise of Even More Data & Analytics

Lecture 8 Big Data, Mobility, Digital Consumer & Experience, IoT, Drones, Smart Homes, Smart Auto, Wearables, AI & Cognitive Computing, Blockchain, Open Data Sets

Module 9: References

Lecture 9

Reviews

6 Reviews

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Richard D

December, 2016

If you can get past the basic stuff in the first three modules, this is an excellent course. A day well-spent! Highly recommended. As an insurance executive, I came to this training with an expectation to learn about industry use-cases. I was indeed impressed by the instructor’s ability to relate with our current business initiatives underway and clearly link them to trends in the industry. You don’t need to know a lot about analytics to benefit from this course. Excellent instructor and thought leader in the insurance industry. Great to have found this course. Very useful for understanding the changes that are taking place and how to bring in the practices into your org.

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Thomas S

May, 2017

This course is an excellent one for any professional in the insurance industry. A must for learning whether they need to apply analytics or not. At least they can be aware of the analytics to understand when the need arises.

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Pargat S

May, 2017

A great learning course. It has given me the much-needed input for transforming from a “product-centric” to a “customer-focused” approach. The instructor approach was very friendly. I liked the course very much.

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Ron F

July, 2017

Excellent course! The teacher is excellent at conveying the course material. Really suggest this course if you are engaged in data insurance analytics or interesting in entering this field.

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Nicole Y

July, 2017

The range of subject matter was easy to follow and communicated with enthusiasm. Great course. You can certainly understand this instructor and knows the ins and outs of insurance analytics

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Vigginesh S

February, 2017

I thought it was a good session. However, I was expecting Ajay to go a little bit more in detail on some technical topics and it may just be an expectation mismatch. Regardless, it was a good session and would love to be in the know of more detailed analytics courses in Insurance.

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