How do you price a product when you do not know how much it costs to produce? This is a problem the insurance industry faces every day. While most industries know the cost of materials, labor, and profit margin to calculate the price of their products, insurance does not know the cost of the product when it is sold. The true cost of the product may not be known for many years once all the claims have been paid.... Read More >
In my previous post, I outlined the importance of data science in leveraging and monetizing the current proliferation of data in most digital industries. The data science group is becoming the de facto group responsible for gaining insight from a company’s data. The pressing question that most organizations without an existing data science group struggle with is how to begin building out such a team with the proper skillsets.... Read More >