Description
The analyzed data must have a purposeful relationship to
the overall strategy of the company, and be flexible enough to
enable operating-model evaluation. Due to the general lack of
enabling technology or tools that could automate data collection
and standardize disparate data forms, multiple systems and/
or tools may be needed. In situations like this, a dedicated
resource, a “data steward, may be needed to oversee the
”
collaboration of the data needs and uses for all stakeholders,
internal and external, and to oversee the development of an
integrated reporting tool set across financial, risk, and business
intelligence platforms.
Conclusion
In order to influence strategic decision making, the actuarial
team and other analytical resources must be liberated from
their traditional roles of reconciling and validating claims data.
The analytics being contemplated can include, but are not
limited to, complex number theory, multivariate regression,
predictive modeling, etc. The analysis must be translatable to
strategic key performance indicators and give transparency
in the analysis to emerging risks and opportunities.
Having a corporate-wide strategic vision specific to data can
help drive the associated data collection, storage, and analysis
development action steps, as well as the metrics needed to
monitor performance.
Transforming the business model is a daunting but necessary
task.
Having the right data and analytics at hand to support those strategic decisions will be critical. It is a challenge to the payor’s senior management and the actuaries to address how this will be accomplished. KPMG has been assisting its clients identify the data strategies and analytics to be considered in meeting this challenge. Contact us KPMG’s Health Actuarial practice Laura Hay, FSA, MAAA Principal, National Industry Leader – Insurance T: 212-872-3383 E: ljhay@kpmg.com David White, FSA, MAAA Principal, National Leader – Actuarial Services T: 404-222-3006 E: dlwhite@kpmg.com Steve Mahan, FSA, MAAA Principal, National Leader – Health Actuarial Services T: 214-840-2371 E: smahan@kpmg.com Robert Hanes, FSA, MAAA Director – Health Actuarial Services T: 610-341-4806 E: rhanes@kpmg.com Mark Jamilkowski, FSA, MAAA Director – Health Actuarial Services T: 212-954-7410 E: mjamilkowski@kpmg.com Laurel Kastrup, FSA, MAAA Director – Health Actuarial Services T: 214-840-2461 E: lkastrup@kpmg.com Tiffany Caufield, FSA, MAAA Manager – Health Actuarial Services T: 404-979-2124 E: tcaufield@kpmg.com Al Raws, FSA, ACAS, MAAA Manager – Health Actuarial Services T: 610-341-4807 E: arawsiii@kpmg.com Alisa Widmer, FSA, MAAA Manager – Health Actuarial Services T: 214-840-2559 E: awidmer@kpmg.com Authors Tiffany Caufield, FSA, MAAA Manager – Health Actuarial Services T: 404-979-2124 E: tcaufield@kpmg.com Mark Jamilkowski, FSA, MAAA Director – Health Actuarial Services T: 212-954-7410 E: mjamilkowski@kpmg.com Alisa Widmer, FSA, MAAA Manager – Health Actuarial Services T: 214-840-2559 E: awidmer@kpmg.com Editor Robert Hanes, FSA, MAAA Director – Health Actuarial Services T: 610-341-4806 E: rhanes@kpmg.com Margaret Hermann, FSA, MAAA Director – Health Actuarial Services T: 610-341-4821 E: mhermann@kpmg.com The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future.
No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. kpmg.com © 2012 KPMG LLP a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms , affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
Printed in the U.S.A. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG International. NDPPS 105347 .
Having the right data and analytics at hand to support those strategic decisions will be critical. It is a challenge to the payor’s senior management and the actuaries to address how this will be accomplished. KPMG has been assisting its clients identify the data strategies and analytics to be considered in meeting this challenge. Contact us KPMG’s Health Actuarial practice Laura Hay, FSA, MAAA Principal, National Industry Leader – Insurance T: 212-872-3383 E: ljhay@kpmg.com David White, FSA, MAAA Principal, National Leader – Actuarial Services T: 404-222-3006 E: dlwhite@kpmg.com Steve Mahan, FSA, MAAA Principal, National Leader – Health Actuarial Services T: 214-840-2371 E: smahan@kpmg.com Robert Hanes, FSA, MAAA Director – Health Actuarial Services T: 610-341-4806 E: rhanes@kpmg.com Mark Jamilkowski, FSA, MAAA Director – Health Actuarial Services T: 212-954-7410 E: mjamilkowski@kpmg.com Laurel Kastrup, FSA, MAAA Director – Health Actuarial Services T: 214-840-2461 E: lkastrup@kpmg.com Tiffany Caufield, FSA, MAAA Manager – Health Actuarial Services T: 404-979-2124 E: tcaufield@kpmg.com Al Raws, FSA, ACAS, MAAA Manager – Health Actuarial Services T: 610-341-4807 E: arawsiii@kpmg.com Alisa Widmer, FSA, MAAA Manager – Health Actuarial Services T: 214-840-2559 E: awidmer@kpmg.com Authors Tiffany Caufield, FSA, MAAA Manager – Health Actuarial Services T: 404-979-2124 E: tcaufield@kpmg.com Mark Jamilkowski, FSA, MAAA Director – Health Actuarial Services T: 212-954-7410 E: mjamilkowski@kpmg.com Alisa Widmer, FSA, MAAA Manager – Health Actuarial Services T: 214-840-2559 E: awidmer@kpmg.com Editor Robert Hanes, FSA, MAAA Director – Health Actuarial Services T: 610-341-4806 E: rhanes@kpmg.com Margaret Hermann, FSA, MAAA Director – Health Actuarial Services T: 610-341-4821 E: mhermann@kpmg.com The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future.
No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. kpmg.com © 2012 KPMG LLP a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms , affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
Printed in the U.S.A. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG International. NDPPS 105347 .
