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Some of the Critical to Success Factors Needed for the Implementation of Analytics Programs

Consulting and Partnering Seamlessly Across the Enterprise

  • Stakeholders' Involvement: Meet with decision makers, system owners, and end users to define business, financial, and operational requirements and systemic goals.

 

  • Strategic and Tactical Procedures: Assist Operational Business Leaders in developing strategic and tactical procedures to support the business’s goals (financial, quality, production, operational efficiency, etc.)

 

  • Strategic Information: Provide Operations groups with various types of Data, Analytics, Modeling and Business Intelligence (BI)  supports which include analytical reports of the Portfolios so that the groups will have a better understanding of:

    • The trend in the portfolios

      • Risks to strategic plan

      • How the competitive market rates are affecting the portfolios

    • Provide Market Updates to the Operations groups. The update include:

      • Trends in the market

      • Changes in rates including price pressure and opportunity for rate increase

    • Product-lines' revenue projection

    • Competition in terms of:

      • Recent key market activities of the major players in terms of rates, coverage and etc

 

  • Portfolio Performance Review: Provide  Data, Analytics, Modeling and Business Intelligence (BI) that create environments for SBUs to conduct different types of portfolio analysis and reviews with focus on:

    • Portfolio Performance which affects the assets values

    • Changes in concentration risks

    • Volatility of operating results

    • Assessment of earnings against strategic plan

Culture of  Sharing, Communication and Collaboration

  • On Business Side:

    • Work with different corporate and business unit leaders at various levels on the analytics strategic processes.

    • To get the analytics models developed, interface with other leaders and employees from  Finance, Underwriting, Treasury, IT,  Reserving Actuary, Pricing  Actuary, Marketing, Investments and Quality either in terms of getting the correct data, enlisting the support or/and ensure the implementation of the models or analytics output.

 

  • On Technical and Operational Sides:

    • Collaborate with the necessary IT Technical and Operational stakeholders in putting together Enterprise Architecture strategies and tradeoffs for implementing robust, secure, high-performance, and high-availability solutions that are relevant to the successful implementation of analytics solutions. These cover the data, metrics and reporting requirements

    • Work with the IT Technical and Operational stakeholders in developing detailed Architecture Designs for the integration of analytics solutions Technical Requirements with the technological capabilities of the company. This include assessing the need for upgrading where or when appropriate.

    • Work with the  IT Technical and Operational Leadership Teams to define and establish required environments for implementation areas that will require development, test, production and training among others

    • Work with the IT Technical Leadership Team to test and validate the technical deliverables

Communicating Findings

  • Develop processes that help to coordinate and communicate the analytics structures, processes and activities to meet the expectations of internal stakeholders that included the Board, the Senior Leadership Team, the sub-committees and external stakeholders like the Rating Agencies. The coordination and communication at a minimum in the these committees should include :

    • Strategic opportunities

    • Risk and opportunities

    • Capital utilization and management

    • Company risk appetite and risk tolerance

    • Companywide risk policies

    • Financial rating environment

    • Operating plan levers

    • Industry dynamics

  • Develop processes that allow for robust analytics information inflow to the management committees and the company's governing bodies at the business units and corporate levels

  • Share, explain and present quantitative analyses in ways that they are understood and connected to solving practical business problems that have implications for the uncertainties in the company's entire portfolios, company risk policies and procedures in terms of limits, risk tolerance, risk concentration, product lines and brands including its intangibles such as customer assets, employees, distinctive processes and systems.

  • Present to senior business leaders with ability to translate technical concepts to those with widely varying degrees of technical awareness.

  • Communicate  and present complex analytics issues, terms and policies in simple formats to key stakeholders

  • Leverage reporting process that emphasizes and encourages accountability. The reporting process should integrate various data, measurement, control and monitoring activities from the business units, functional areas and the corporate to facilitate decision-making that accelerate and motivate timely corrective action plan to meet the expectations of internal stakeholders that include the Board and external stakeholders that include the Rating Agencies and the Regulators.

    • Some of the reports should reports on credit risk, market risk, liquidity risk, group risk, business risk, strategic risk, reputational and operational risk-related activities.

  • Deliver Interactive Metrics Dashboards that integrate performance metrics with monitoring and metrics reporting that have early warning systems

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