Lloyds of London has an ambitious and fast moving data programme to revolutionise the industry, but many of the insurers are lagging behind in their data capabilities. Actuarial science and Data science are closely related fields and some of the more innovative firms have grasped the modern data story as a key to future business advantage.
Managing Partner, Chris Kwouk recently produced a full data strategy for a large Lloyds insurer and was impressed by the approach to data governance, building on Solvency II as a spring board for an enterprise-wide approach. They were also attempting some cutting edge data science. Reporting however lagged behind with underused legacy data warehouses delivering only basic insight into their evolving business strategy.