GDS Content Services CoE – assessment

Duration: 2 hours

Activity1: Identify spelling mistakes, grammatical errors, inconsistent use of US and UK

spellings, incorrect or inconsistent punctuation, and inconsistent formatting in the text below.
Highlight incorrect text with a reference number. On page 2, write the reference numbers and the
correct text.

Big data and general insurance

Insurers are gradually becoming more technology savvy and big data is increasingly seen as essential for gaining important
market and customer insights. The spectrum of take-up across the industry, however, are(1) varied across lines of businesses.
Within personal lines, notably private motor, big data and analytics are well embedded; by contrast, specialty insurance is at
a nasent(2) stage in the use of data and associated analytics.

Regardless of the line of business, more needs to done(3) to demonstrate the true value of big data for insurers. Many currently
see it as a solution to problmes(4), rather than as instrumental to the development of new insurance products that better
align to(5) customers’ ever changing(6) needs.

For example, with the emergence of telematics, the common approach has been to use big-data(7) to solve the motor insurance
problem of improving profitability by risk selection and pricing. However, the real chalenge(8) is for insurers to use the data
across the whole business, including in the development-of-new-products, with a view to competing(9) on product, price and
service rather than just price

Steps for success in analytics

Data used correctly allows businesses to blend analytics and experience to help improve business processes and to develop new
or existing bussiness(10) opportunities. The critically(11) point is to blend analytics and experience.

It is typical for organizations with a hierarchal structures(12) to initiate a big data and analytics project by initially employing
data experts to capture, assess and structure data into a pre-defined, usable format, working alongside IT experts to set up the
technology platforms needed to host, manipulate and analyze the data. Following this, the statiscians(13) can explore the data to
find interesting trends and correlations within the data. However, to drive efficient results, it is critical to set the goal first.

Business-driven analytics

Different board members tend to have different objectives. These goals may be simple, clear and(14) possibly measurable
(although rarely directly measurable); however, they are not always directly applicable to an analytics project. For e.g.,(15) the
drivers leading to improved profits could improved(16) risk selection, optimization of pricing and product strategies, cost
reductions or(17) better claim management, all of which will have their own(18) problems and a collection of different analytical
paths to explore.

There are several key considerations when thinking thorough(19) an analytical project:

1. Organisational goals,
2. Operationalization of analytical solutions,
3. Likelihood of success,
4. Complexity of analysis;
5. Availability of data.
All of these areas requires(20) input from different areas of the buisness(21). 

Like most business problems, analytics should from(22) part of an iterative journey, which will be a collaborative approach
between the analysts(23) and business owners. The business steakholders(24) will needed(25) to set the agenda and goals while
the analysts should translate the business goal into the analytical approach needed to solve these problems.

CORRECTIONS

1. Is

2. Nascent

3. Be done

4. Problems

5. With

6. Ever-changing

7. Big data

8. Challenge

9. To complete

10. Business

11. Critical

12. a hierarchal structure

13. statisticians

14. , and

15. E.g.,

16. Improve

17. , or

18. Own

19. Through

20. Require

21. Business
22. Form

23. Analysts

24. Stakeholders

25. need