ISO Monday Web Seminar - See A Lot By Looking
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1 2009 ISO Monday Web Seminar You Can See a Lot Just by Looking at Your Workers Comp Data
Transcript of ISO Monday Web Seminar - See A Lot By Looking
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2009 ISO Monday Web SeminarYou Can See a Lot Just by Looking at Your Workers Comp Data
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ISO Policy Statement
The policy of ISO and subsidiary companies is to comply in all respects with federal and state antitrust laws. With this in mind, we want to mention that during all seminars held under our auspices, the antitrust laws prohibit discussion of certain topics. Because we want to avoid even the appearance of an antitrust violation, we go beyond the letter of the law, and we will not discuss any matter that violates the spirit of the antitrust laws or could be perceived as doing so.
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ISO Policy Statement
I will begin by reading the Chairperson’s Statement. CHAIRPERSON’S STATEMENT (The Chairperson shall read the following paragraph
at the beginning of all meetings held under the auspices of ISO at which participation and discussion by any two or more insurance industry competitors is reasonably anticipated):
All participants and ISO staff should duly note the ISO Policy Statement on Discussion at Meetings, a copy of which was transmitted to you with your agenda, if any. If you did not receive a copy of the ISO Policy Statement, it is available now for your review. The ISO Policy Statement reminds us that ISO corporate policy restricts decision making and discussion. These restrictions are designed to prevent even so much as an appearance of impropriety. We should all be guided by the ISO Policy Statement in our discussions, and we should all take the opportunity to review the ISO Policy Statement.
A copy of the ISO Policy Statement on Discussion at Meetings may be accessed at www.iso.com/statement.
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Al FaberNational Account Executive, wcPrism™ ISO
Today’s Presentation
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Nick FloeckSales Consultant, wcPrism™ ISO
Today’s Presentation
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You can see a lot... by lookingYogi Berra
Today’s Presentation
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An Analogy
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From the Surface
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See What’s Beneath
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Top 10 Compliance Challenges
1. Identifying data-quality issues, such as missing data elements, and determining corrective action
2. Coordination of organizational data across a broad enterprise
3. Coordination of multiple external data streams across multiple third-party entities
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Top 10 Compliance Challenges
4. State data edits are growing in sophistication, and it can be a struggle to keep pace
5. Compliance penalties are becoming more common and increasing in severity
6. Proactively tracking compliance success or failure
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Top 10 Compliance Challenges
7. The technology that is absolutely necessary to facilitate compliance is not optimized for business intelligence
8. Internal development and maintenance of a BI platform requires specialized, and often scarce, technical resources
9. Justification of these resources may be difficult to articulate
10. Different users have different needs of the same data
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In a Nutshell
•Compliance reporting today– Industrywide coordination– Systems– Standards
•But there is an upside– Unique positioning of WC– Current regulated data exchange
• Mature data• Mature standards
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Analytics & Business Intelligence
• Today’s analytics are far more advanced• Reports are dynamic and can be modified on the fly• Real-time, train-of-thought analysis• Easily navigate through massive data sets
• A solid BI platform provides the framework necessary to
• Intuitive user interfaces provide a portal directly to database assets
• Pinpoint data-quality issues• Identify cost drivers• Uncover trends
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A Platform Approach
•Data super-set•Multidimensional data warehouse
– OLAP
•Measures and dimensions– Data drilling– Industry-specific
•Dashboard (end-user interface)
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Analytics Platform – Datasets
•Policy data and claims data– IAIABC– WCPOLS– POC– UNITS, etc.
•Medical data– IAIABC– NCCI
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Analytics Platform – The Warehouse
•Task-specific technology– OLTP
• What is it ?• What does it do?
– OLAP• What is it ?• Why is it different?
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Analytics Platform – Measures & Dimensions
• What are they?– Dimensions represent a hierarchical
grouping of related data elements– Measures are value calculations
•Why are they important?– Necessary to organize data– Organized data will result in better data
quality and a comprehensive world view
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Analytics Platform – The Dashboard
•Graphical representations of data•User-friendly interface•Multiple, simultaneous views of data•Customizable by user
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The Process
• Collect• Look • See• Imagine• Show
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The Goal
•Combination of Claims, Policy and Medical Data
•Make Better Decisions•Predict the future•Understand industry focus.
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Feedback and Questions
• Al Faber– e-mail: [email protected]
• Nick Floeck– e-mail: [email protected]
• Send feedback to: [email protected] • Next event:
– Monday, November 30, 2:00 p.m. Eastern time– CV-Exchange® and CV-ALIR®
• Visit www.iso.com/ws to register• Follow ISO on Twitter: www.twitter.com/isonews
