October 2021CIOAPPLICATIONS.COM8CIO InsightsCXO InsightsIn My ViewSeeking Analytic Diamonds In The Underwriting Data MineGEORGE DI MARTINO, EVP & CIO, TRANSREapital is no longer a differentiator in the re/insurance industry. To deliver an adequate return, reinsurers must be better attransforming data into value-added information, this is true for pricing and underwriting risks, handling claims and matching capital (both theirs and/or others) with risk exposures. The results of recent years (affected by numerous natural catastrophes, the ongoing Covid-19 pandemic and adverse development) low interest ratesand social inflation apply greater pressure on underwriting to deliver improved results.That pressure has increased attention and focus on technology and data (both internally generated and externally available) to deliver better insights to our key stakeholders (underwriters, actuaries, claims,modeling) to enable them to readily recognize patterns andidentifytrends that help themmake better decisions.TransRe is data-rich with decades ofunderwritingand claims data from a diverse portfolio of business. We are aware that by investingup front in intelligent data strategiesand organizing ourinternal datasets we will gain a more connected, comprehensive view of the market: trends, pricing, losses, etc. We know this will help TransRe's teams make better decisionsat both an individual risk and portfolio level. We also know this will enable TransRe to deliver greater value to each customer (our expertise, access, strength, innovation, experience and resilience is what makes us EASIER to do business with).To derive maximum value from our data driven technology strategy,it is important to focus on the quality of our data inputs, as well as the accuracy, consistency, and completeness of the data we receive. It has been said that data wrangling is 10% analysis and 90% anger management. Gettinga better handle on data,its quality, accessibility and utility,takesboth time and resources from IT and our business leaders. It also requires well-designed and cross-disciplineapproaches that assure transparency supported bydata governance controls. It is essential that our data driven strategies are fully incompliance with customer confidentiality, privacy and other data-use requirements across all internal or external uses.C
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