“Our vision is to collect data and develop meaningful analytics from all of our global repositories of risk data and to facilitate fact-based decision making. We are developing insightful and predictive analytics that help us to understand how macro and micro events and related external forces impact on the risk portfolios of our clients and the carriers with which we work as well as the insurance industry in general.”
We did a survey earlier this year that showed that 92% of all organisations that had actually completed a project were satisfied with the business outcomes. There are many organisations that have looked at the possibilities but not yet become actively involved, of course. But the key point is that Big Data analytics is clearly delivering significant value to real organisation in real business life, Paul Pierotti, Accenture
The work of ACIA has created a suite of business intelligence solutions called Global Risk Insight Platform (GRIP) that allows Aon’s broker partners to capture insurance quoting activity centrally and to cooperate in such activities across local and global markets. “That is in line with one of our main objectives, which is to build differentiated capability through innovation for all of our stakeholders. An Aon corporate mantra is ‘Help a colleague, or help a colleague help a client.’ For us that means marrying technical analytical capability with business value.”
“We do that on a day to day basis by pulling together literally millions of data points from all round the world here in ACIA Dublin,” Biere says. “We transform and consolidate that data, analyse it and play the results back into our organisation to the benefit of clients. For them, the practical end takes the form of dashboard and tailored reports, often customised for specific users or markets.”
Tool range
ACIA uses a range of software in its works, notably SQL, R and Python on the analytics side. “On the presentation side we work mainly with Tableau and we also have Cognos specialists. That is our main technology stack, combined of course with tools we have developed ourselves — and we hold several patents here — especially GRIP which is the suite developed in-house. Today it includes the world’s largest proprietary database of market information catching something of the order of $120 billion of premium flow. That is a huge proportion of the world insurance market.
“The data is unique and particularly rich because it includes not just the completed contracts but the data that is collected in the process leading up to that. That is very like a tender process, so it gives a lot more insight into the competitiveness of the market at the time,” Biere explains. “We also take in trusted external data such as Dun & Bradstreet and Bloomberg, and we are exploring other potential resources, which is married with our own proprietary data.”
Majority involvement
Accenture as a global consultancy company with clients across all sectors offers analytics services and develops the tools to consistently enhance the quality of its business analysis. One of Accenture’s leading analytics experts is Paul Pierotti, its UK and Ireland lead for public sector and health analytics, is based at its analytics centre of excellence in Dublin. “In more recent years we have seen more maturity in how the IT sector and business use Big Data and analytics and the value that can be derived. We did a ‘Big Success with Big Data’ survey earlier this year that showed that 92% of all organisations that had actually completed a project were satisfied with the business outcomes.
“There are many organisations that have looked at the possibilities but not yet become actively involved, of course. But the key point is that Big Data analytics is clearly delivering significant value to real organisation in real business life and we have moved on from the shiny buzzwords of the early days,” Pierotti says. “What we are now seeing is a much more specialised approach, in a number of areas. From a professional point of view we are seeing a much more targeted approach by analytics experts, specialising in for example fraud or social media or in data integration.
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