Skip to main content
HomePodcastsPodcast

Successful Data & Analytics in the Insurance Industry

Rob joins us to share In-depth knowledge of how insurance companies utilize data, the top skills to get data jobs in insurance and much more.

Dec 2022

Photo of Rob Reynolds
Guest
Rob Reynolds

Rob Reynolds is a VP and Chief Data & Analytics Officer at W. R. Berkley, a multinational insurance holding company specializing in property and casualty insurance.


Photo of Richie Cotton
Host
Richie Cotton

Richie helps individuals and organizations get better at using data and AI. He's been a data scientist since before it was called data science, and has written two books and created many DataCamp courses on the subject. He is a host of the DataFramed podcast, and runs DataCamp's webinar program.

Key Quotes

Something our industry has to do a better job of is emphasizing the need for thoughtful criticism of our approaches and methods when we apply modeling to different business problems. I think the things that we hear now about many social media platforms and how they apply analytics, and is causing significant concern. I believe in data and analytics we need be challenging each other when we're thinking of these things, because I've had a lot of experience with very astute data scientists who can build wonderful models and who really understand technology and they're super gifted with mathematics. They can achieve a really great outcome, but sometimes the consequence of that outcome is not what we ever had intended, and we didn't take the time to take a step back and say, huh, what? What could happen here if, you know this really was successful beyond, the variable I'm trying to influence.

The skills and things that would make someone successful and durably successful throughout their career are really in: How do you work with others? How do you influence change? How do you help people be successful to use data? I do think data and analytics are still a huge challenge for people because they’re not intuitive to those in the workforce right now. If you can have solid communication skills and a willingness to put yourself in someone else's shoes and try and help them figure out how data can help their daily to day lives at work and so on. That's a huge skill. I mean, that's super powerful. It has a compounding effect. So I think if you focus on soft skills like that are really centered around driving change, that will put you in good stead.

Key Takeaways

1

As more becomes possible with data and analytics, the need for thoughtful criticism increases as well. Data teams need to carefully consider the potential unintended consequences of new data projects and models.

2

Being a strong communicator as a data scientist is a timeless skill, as there will always be a need for great communication regardless of how technology and processes evolve over time.

3

One of the biggest challenges in the insurance industry is figuring out how to unlock data trapped in old technology and processes so that it works within existing systems and can be utilized by relevant parties.

Topics
Related

blog

Data Science in Insurance Today

The insurance industry is rife with data and data science use-cases that provide value. In a recent webinar, Allianz Benelux Regional Chief Data & Analytics Officer Sudaman T M explored the state of data science in the industry today.
DataCamp Team's photo

DataCamp Team

4 min

blog

The Future of Data Science in Insurance: Moving from an Analytics Garage to a Factory

The insurance industry is rife with data and potential use cases. In a recent webinar, Allianz Benelux Regional Chief Data & Analytics Officer Sudaman T M outlined how in order to scale value from data, insurance organizations should look to move from “an
DataCamp Team's photo

DataCamp Team

5 min

blog

Data Science In The Trucking Industry (Transcript)

Discover how data science is being used to revolutionize the trucking industry, from A/B Testing and econometrics to machine learning and self-driving cars.
Hugo Bowne-Anderson's photo

Hugo Bowne-Anderson

48 min

podcast

Data Science and Insurance

What are the biggest challenges in insurance and reinsurance that data science can impact?

Hugo Bowne-Anderson's photo

Hugo Bowne-Anderson

60 min

podcast

Building a Holistic Data Science Function at New York Life Insurance

In this episode, we talk about how Glenn Hofmann built New York Life Insurance’s 50-person data science and AI function, how they utilize skillsets to offer different career paths for data scientists, and much more.

Adel Nehme's photo

Adel Nehme

38 min

podcast

How Data Literacy Skills Help You Succeed

Jordan Morrow shares his insights on data literacy, why organizations need data literacy in order to use data properly and drive business impact, how to increase organizational data literacy, and more.

Adel Nehme's photo

Adel Nehme

52 min

See MoreSee More