Two leading insurance data specialists, the Eckerson Group and the Insurance Data Management Association (IDMA), have joined forces to create a new data analytics platform for insurance companies.
The Boston-based Eckerson Group launched the online benchmark solution, which helps enterprise data and analytics teams in the insurance industry.
The benchmark is overseen by a board of data and analytics experts from the North American insurance industry and aims to help insurance firms assess their performance in a key area of data and analytics.
Founded in 2014, the Eckerson Group is a global research and consulting firm that helps organisations make the most of their data. Currently, the company owns and operates the Industry Data Benchmarks programme and Rate My Data benchmarking platform.
The collaboration with the IDMA, a global professional association dedicated to increasing the level of knowledge and visibility of insurance data management, has resulted in a solution designed to enable firms to benchmark their data and analytics capabilities against peers.
Data analytics and the insurance industry
According to reports, the assessment is not a survey. Rather, it’s a team-based exercise geared to enterprise data and analytics teams.
Team members can work together to answer questions and submit a single response for their company. Every participant receives a secure link to an online, interactive report where they can benchmark their capabilities against insurance peer groups by the line of business, region, and organisational size.
Speaking about the launch, and what it will mean for the industry, Wayne Eckerson, president of Eckerson Group, explained, “Leading organisations today use data and analytics to drive strategic initiatives, such as digital transformation, customer 360, and intelligent supply chains.
“Research now shows that data-driven companies enjoy a competitive advantage and are positioned to disrupt their industry.”
Eckerson said many business and technical leaders want to understand whether they are generating sufficient value from their investments in data and analytics.
He pointed out that one way to do this is to compare their enterprise data and analytics program to an objective yardstick, like an industry maturity model or peers in the insurance industry. “Our assessment lets them do both. It's also a great way to educate data and analytics professionals about best practices, and it makes a great collaborative exercise for team members.”
Farouk Yassine, Executive Director of IDMA., agreed, saying "Many insurance companies are keen to benchmark their data and analytics capabilities against peers."
He added, "This service makes that possible and companies won't have to disclose proprietary or confidential information to participate."
Image credit: Getty (stock)