Pyramid Analytics was thrilled to participate in the Insurance AI and Analytics USA conference in beautiful Chicago, May 2-3. The goal of the conference was to provide education to insurance leaders looking for ways to use AI and ML to extract more value out of their data. In all our conversations, the eagerness to do more with data was palpable, but we detected a tinge of frustration beneath the surface.
Curious to understand this contradiction, we started most of our conversations with the same basic question: “What brings you to the show?” We would follow with a slightly deeper question: “Where are you with your AI and ML initiatives?”
The responses varied. However, a common thread emerged: despite the desire to incorporate AI and ML capabilities into routine business practices, roadblocks remain, regardless of carrier type. Chief among the concerns of the attendees was the ability to access data; it appears that data silos are alive and well. We also heard many express frustrations with the tools used to derive AI and ML insights.
We consolidated our observations of the most common reasons for attending the show into five groups, organized by persona:
- Data scientists looking for deeper access to data – The data scientists we talked to struggle with data access, which is often trapped within departments throughout the organization. To do their jobs effectively, data scientists need to access data so they can unlock trapped business value. They were seeking solutions that would help them bridge the gap between data and analytics.
- Executives from traditional organizations trying to understand the way forward – To varying degrees, the insurance executives we talked to had AI and ML programs in place but weren’t satisfied with the results. They attended the conference to learn how they could extract more value from their AI and ML initiatives.
- Sophisticated insurers seeking technology to gain an edge on the competition – We spoke with several individuals from newer insurance companies who fit squarely in the “early technology adopter” category. Lacking the constraints of typical insurers (legacy processes and systems), these individuals were seeking information on new technologies and hoping to build partnerships with vendors to achieve further differentiation.
- Data and technology vendors looking to build meaningful partnerships – There were many representatives from data and technology companies seeking out insurance partners looking to advance their businesses at the margins—either by enriching existing data store or by finding new or unique data streams.
- Consultants promoting their unique approach to AI and ML initiatives – It’s clear that AI and ML initiatives require more than just tools, people, and processes—they require strategic direction and a roadmap that builds consistency and accountability. There were a number of consultants making themselves available to insurers.
So why was Pyramid Analytics at the Insurance AI and Analytics USA?
We were surprised to find ourselves as one of the few true analytics and BI organizations in attendance. But we were glad to be there to share our story and to better understand how we could help risk-bearing organizations.
A number of conference goers stopped by our booth to learn about Pyramid’s vision of how an end-to-end, full-featured analytics and reporting platform lets organizations leverage all their data investments.
And there was genuine interest in how our platform can support the advanced analytic needs of data scientists as well as the everyday analytics workflows required by IT, executives, analysts, and business users. At Pyramid we’re keen to make analytics a universal experience.
In short, no other comparable analytics platform can support enterprise needs quite like ours. If you’re interested in learning more, or seeing a demo, let us know!
And we can’t wait to be at next year’s event!