Talent and Technology Go Hand in Hand

November 03, 2015 by Madison Jacobs

Top insurers are struggling to create a corporate culture that can attract and retain the right talent for their big data strategies. We sat down with Dave Castellani, Senior Vice President and Business Information Officer of New York Life Insurance Company, to discuss the challenges and solutions in hiring quality data-savvy talent.

Here's an excerpt: 

Talent and Technology Go Hand in Hand

“Data for data’s sake doesn’t do much for you,” said Dave Castellani, Senior Vice President and Business Information Officer of New York Life Insurance Company. “It’s turning that [data] into intelligence that becomes the hallmark of your future success.”

Insurers ability to achieve success in big data analytics doesn’t just depend upon the right technology—it also depends upon the right talent.

Finding and implementing the best big data technology is one thing, but competing for big data talent is harder than ever before. Every enterprise in the world is looking to hire the highest quality data scientists and technologists—including large, reputable tech companies (i.e. Google, Amazon) that offer unparalleled perks and prestige. Even these companies, that live and breathe in Silicon Valley (the epicenter of all things tech), are having a difficult time finding and recruiting enough big data talent. McKinsey Global Institute estimates that 1.5 million more data-savvy managers are needed to take full advantage of big data in the U.S. (1).

Castellani poses a question:

“How do we create a similar environment [to a startup/tech company] to attract the right personnel, retain the personnel, keep it interesting and allow those individuals to build resumes for the future?”

For insurers, the answer lies in rethinking the new possible within three core areas of the insurance enterprise: recruitment, business development and culture.

Read the rest of the eBook here

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