Five Pillars of Successful Big Data and Advanced Analytics

BearingPoint. Institute The smart insurer: embedding big data in corporate strategy Five pillars of successful big data and advanced analytics (BD&AA) Most insurance executives mentioned skills capabilities and partner ecosystems as the top 'pillars' for successful BD&AA implementation. This was followed by external data sources and speed, then ethics and data privacy the least important. Executives were asked to rate the importance of these five pillars to successfully implement BD&AA in their company: PILLAR 1 Skills capabilities PILLAR 2 PILLAR 3 PILLAR 4 PILLAR 5 Partner ecosystems External data sources Speed Ethics / data privacy 66% 59% 52% 45% 37% ID The ethics and privacy pillar was valued least, but insurers need to take this seriously, as data leakage (43 %) and privacy concerns (35 % ) are their biggest fears 46% of executives believe external data sources to 9% Data anonymisation be important to the success of their 13% company in the future Reputational risk 43% Data leakage 35% Privacy concerns Source: BearingPoint Institute survey, 2014 BEIO04-BDI-IN-2