Data analytics remains key to value-based insurance sector

Data analytics can help insurers overcome some of the challenges that an uncertain future brings. FILE PHOTO | FOTOSEARCH

One of the management gurus Peter Drucker’s most memorable quotes is, if you cannot measure it, you cannot improve it or put simply, what gets measured, gets managed.

This business management nugget forms the basis upon, which data analysis and consumption in decision-making, is premised. Also, Lean Six Sigma, the gold standard of operational methodology emphasises define, measure, analyse, improve and control (DMAIC).

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Note: The results are not exact but very close to the actual.