IIS 50 th Annual Seminar, London 2014

1. International Insurance Society IIS 50th Annual Seminar, London 2014 Big Data in Insurance

2. One billion pieces of content shared via Facebook’s open graph daily ~ Mark Zuckerberg Global information set growing at A factor of 44, and is expected to reach 35.2 zettabytes in 2020 ~ Deloitte Every two days now we create as much information as we did from the dawn of civilization up until 2003 ~ Eric Schmidt Big data expected to drive $232 billion in spending through 2016 ~ Gartner Less than 1% of world’s data is analyzed; less than 20% is protected ~ IDC Market for big data projected to reach $16.1 billion in 2014, growing 6 times faster than the overall IT market ~ IDC AIG to invest billions of dollars in big data as part of its major focus on rebuilding the foundation of the company ~ CEO Robert Benmosche

3. Understanding Big Data What is Big Data? • Internal and external multi-structured data, generated from diverse sources in real time, in large volumes and with high velocity • Differentiated from ‘other data’ in its inability to be captured, managed and processed in a reasonable time, using traditional technologies Why Big Data is such a big deal? • Creating a critical competitive differentiator by shaping consumer behavior, while helping CXOs optimize critical business decisions • Heralding a fundamentally different way of doing experimental design, by collecting every bit of data and then searching for significant patterns1 • Willy Shih , Cizik Professor of Mangement Practice, Harvard Business School, http://harvardmagazine.com/2014/03/why-big-data-is-a-big-deal • Big Data: The organizational challenge, 2013, Bain & Company Why is Big Data so important for CXOs? • Companies with the best analytic capabilities are outperforming competition and are now twice as likely to be in the top quartile of financial performance2 • Helping CXOs develop capabilities to target new, unprecedented opportunities by offering ‘better tailored’, next generation of products and services, based on detailed analysis of customer behavior and needs

4. Seizing the Big Data Opportunity What are the varied data sources? • Internal and external, unstructured data sources such as archives, media, internet log files, tweets, email, and data from sensor networks1 • Structured data sources such as Business Apps, Social media, Public Web, Data Storage, Machine log data and Sensor data1 How to derive value from unstructured data? • Enhance decision making process to enable a company be more accurate, consistent, and efficient, by implementing following approach: • Customer strategy • Product strategy • Ecosystem strategy What are the challenges ahead? • Developing a culture of ‘Big Data mindset’ with executives to set the market pace, while addressing concerns over consumer privacy • Developing a successful transition roadmap from Big Data 1.0 to Big Data 2.0; from Evolutionary to Revolutionary Big data strategy • Kapow Software, Kofax Company, http://www.kapowsoftware.com/resources/infographics/intelligence-by-variety-where-to-find-and-access-big-data.php

5. Panelists • MurliBuluswar, Vice President AIG and Chief Science Officer, AIG Property and Casualty • Daniel Ryan, Managing Director and Head of Population Risk & Data Analytics R&D, Group Underwriting, Swiss Re • Paul Y. Mang, Managing Partner, Avarie Capital LLC