John Bensalhia speaks to Jean Perez, head of analytics for I&A at Collinson Group about the predictive tools transforming insurance as we know it
The introduction of predictive analytics and machine learning has been a gamechanger in the world of insurance. Not only can future behaviour be predicted in an instant, it can be done with pinpoint accuracy, personalising the customer experience as value added.
Jean Perez, head of analytics for I&A at Collinson Group, comments on the benefits of implementing predictive analytics: “From my perspective, the benefits for insurance companies are significant. We are now able to predict the expected behaviours of customers plus risk, conversion, pricing, and market share in real time, with a high level of accuracy.”
“We maximise the use of machine learning and unsupervised modelling to tackle problem areas such as fraud in a very granular and effective manner. Plus, we are able to predict changes in behaviours, cover needs, demographics among other metrics, which translates into personalised cover, experience and pricing according to each customer.”
“It also opens the door to actively testing multiple models against each other, to understand which delivers the better result, continuing to push the agenda in that direction.”
Jean’s role at Collinson Group is varied. She is in charge of running the advanced analytics team responsible for multiple projects in data science and big data engineering, AI, and robotics.
“The spectrum of work is wide,” explains Jean. “My team can be implementing machine learning to optimise profit in real time on one project to building an AWS Data Lake to migrating the current data to this platform. I also manage data strategies from the technical perspective and the crossover of business data stewardship and the technical community.”
‘A broad understanding’
Jean studied financial engineering for her undergrad degree which usefully is “closer to statistics degree than finance.” She then completed her master’s degree in international management and ecommerce, and has since worked predominately in the insurance industry.
Commenting on her career, Jean says: “I have been lucky to taste different schemas such as health insurance, personal liability, life, motor, travel insurance, accident, assistance and property. This has allowed me to build a broad understanding of different insurance specific metrics and join this knowledge to my technical and modelling skills.”
After leaving New Zealand so that her daughter could grow up closer to family here in the UK, Jean’s next challenge was to run the pricing team in one of the UK’s largest motor insurers.