Deloitte Greenhouse: Singapore has been saved
Deloitte Greenhouse: Singapore
Leapfrogging the competition with advanced analytics
A global insurer and reinsurer firm tackles customer retention and claims fraud with analytic models
The client’s challenge
While our client leadership had a clear interest in building competitive advantage through advanced analytics, they recognised that these initiatives were limited by silos between its business units and IT assets. It therefore sought Deloitte’s help as an experienced partner in analytics-based transformation to define a hub-and-spoke operating model to implement advanced analytics capabilities across key regional locations. In particular, the client wanted to explore analytical models in identified business domains which could unlock insights in its existing internal data.
To enable the ramp-up phase of the engagement, the Deloitte team designed a series of full-day Insurance Analytics Labs that were rolled out in four regional locations. In Singapore, twenty leaders from across Asia-Pacific attended the one-and-a-half-day session held at the Deloitte Greenhouse facility, to identify domain priorities and hypotheses that would determine the prototype analytical models. During the first day, Deloitte analytics experts facilitated discussions exploring disruptions within the insurance industry and introduced solutions showcasing the latest analytical techniques. Through interactive ideation exercises, participants surfaced hypotheses and collaboratively prioritized the top opportunities to be prototyped as use cases. They then reconvened the next day to explore a proprietary Qnect-based solution developed by Deloitte which enables a more effective underwriting process. After brainstorming ways to customise the tool to ensure that the client’s selected analytics projects were aligned with its domain priorities, participants deep-dived on one of the projects. Through further rounds of facilitated discussions, the participants built consensus on the project’s objectives and success metrics; considered key data challenges and remedial strategies; and agreed on next steps required to launch the domain use cases.
Impact on client’s business
The Greenhouse sessions enabled the Deloitte team and the client to collaboratively gather verifiable baseline information of the current state of the client’s analytical capabilities, document the gaps uncovered, and scope the subsequent six-month prototype phase. By engaging the key stakeholders in the region through expert facilitation, the Lab was able to generate interest, commitment and initial preparation for the priority domain projects. Indeed, one of the participants commented that the multi-location Greenhouse approach "undoubtedly left a lasting impression … This presents a real opportunity for us to drive efficiencies and cross region coordination and application."