June 29, 2016 by Canadian Underwriter
Executives want decision-making to be faster, especially in insurance, banking and healthcare, according to a report released earlier this week by PricewaterhouseCoopers (PwC).
The 2016 Big Decision Survey, released on Monday, focused on how enterprises around the world, including Canada, are limiting risk and leveraging data to make the decisions that will give them a competitive edge. The survey involved more than 2,100 company decision-makers and leaders across 15 industries, including insurance, banking and capital markets, healthcare, communications, energy, utilities and mining and technology.
Among the survey’s findings:
“Data can be an extremely underutilized tool, and a company’s capability to access the right data, at the right time, and then look at it through the right lens, can make or break a bottom line,” said Dan DiFilippo, PwC’s global and U.S. data and analytics leader, said in a press release. “Leaders are stuck at a crossroads, with 28% of decision-makers polled stating that they’re just trying to survive in a state of disruption. This survey demonstrates the often unrealized value of data to lower the inherent risk in decision-making, and sheds light on how companies can reassess the data they have to become stronger and increasingly competitive.”
An executive at one North American insurance company said in the report that the company currently employs data analytics “to help us understand what has happened. We’re in the process of looking to leverage data to help us better predict what will happen.”