Data Science Strategy Concept

Challenge

In the insurance industry, a multitude of interesting data points emerge at the intersection with customers. Additionally, new data is continuously generated through internal processes and systems. Intelligent analysis of this data allows for targeted optimization of products and processes. Our client, an international insurance company, aimed to establish a foundation for successfully building a data science initiative within the company by developing an individualized strategy. The strategy was to consider existing initiatives and specifically reflect the agile processes within the company.

Approach

Initially, multiple scenarios for introducing data science into the company were explored and developed based on stakeholder interviews. A detailed scenario plan was created, outlining the necessary steps and measures for introducing a data science initiative within the company. Besides embedding the concept of data-driven decision-making, the plan also considered data quality and infrastructure.

Subsequently, a suitable strategy concept, including a roadmap, was developed to reflect the goals and purposes of the data science initiative within the company. An important component of this concept was a data science governance framework, supported by an internal data science steering board.

Result

As a result, our client possesses an individualized strategy, including a prioritized roadmap for implementation. The strategy provides a holistic view of data science based on the statworx Data & AI Strategy approach. At the client's request, particular emphasis was placed on data and infrastructure, which received clear recommendations through the analysis of existing systems. Other areas of the strategy included measures in team and skills development, internal processes, and the management of data science use cases.