The creation of a Chief Science Officer position at Chartis may be an inflection point in how analytics are used in insurers. By now all large insurers (as well as many midsize and smaller insurers) have made, and are making analytics investments.
There are three basic elements in analytics:data, tools, staff skills. For an insurer’s analytics investment to pay off, insurers must get better at building deep and accessible data sets, using available tools, and balancing enterprise and lines of business skills.
With the creation of the Chief Science Officer position, Chartis is making a commitment on all three fronts. Other insurers are likely to follow.