The Rising Power of Data in the London Market
Over 40 Market professionals attended our March Business Breakfast at the Ivy Restaurant in the City, where we looked at the rising power and challenges of data management in business. Roger Oldham welcomed guests and explained how data management permeates every business function, from operations to HR, Legal & Compliance as well as key areas like underwriting, broking and risk management.
Sean Kandal from Trifacta, a USA West Coast data company was our first guest speaker. Sean explained the challenges around data preparation and some of the techniques of reducing the time involved, allowing users more time to analyse and interpret data. He explained some of the new tools that make the task of data analysis so much easier.
Ludovic Veale, Head of Data & Analytics at Charles Taylor InsureTech explained the process of data transformation and the data maturity curve, asking delegates to consider where their firm was on the curve. The event concluded with our popular round table session.
Most delegates felt that that their company was at Stage 1 or 2 on the data maturity curve, whereas one or two felt that we were selling ourselves short as a market as they thought that we were at Stage 3 - The Predictive Stage - and had been for some time due to our historic use of data for underwriting and risk mapping purposes. Further events on this subject will follow.