InsurTech Magazine July 2020 | Page 28

WSIB

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“ On the analytics side , being an insurance organisation , WSIB relies on predictive analytics for things like risk scoring , case based reserving , claims segmentation models , anomaly detection and text mining . As a result , business intelligence and analytics is a key pillar for our IT strategy and we ’ re investing in the capabilities , the tools and the backend infrastructure to be able to make decisions better and faster . Currently we extricate data from various data marts to create diagnostic and predictive models . We ’ re in the progress of creating a central data store and intend to leverage in-database analytics that will allow us to execute extensive analytical workloads directly against our data . That ’ s going to be really important to us in increasing our decision making speed .”

While innovations are revolutionising the insurance industry , it is important to remember that progress comes with challenges , in particular cybersecurity . “ At WSIB we operate a 24 hours a day , seven days a week , 365 days a year security operation center ,”

— Samantha Liscio , Chief Technology and Innovation Officer , Workplace Safety and Insurance Board ( WSIB )

JULY 2020