Data Granularity and Business Decisions
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ICMR HOME | Case Studies Collection
Case Details:
Case Code : ITSY073
Case Length : 10 Pages
Period : 2009-2010
Organization: Disguised
Pub Date : 2012
Teaching Note : Available
Industry : Insurance
Countries : US
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This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.
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The Board of VCare Insurance Company was caught on the horns of a dilemma. VCare was a mid-size US-based insurance company with a dominant market share in its home state in the professional liability market. Since 2007, the company had been faced with a declining market share, higher claims, and pressure on rates. To tackle the issues at hand, it decided that it would have to look inward besides seeking external help. In 2010, the Board of the company was presented with two alternative solutions to choose from. Both the solutions leveraged advanced analytical and data analysis tools, yet they followed a different approach toward finding the solution.
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The first approach, championed by the Chief Marketing Officer Steve Brady (Steve), looked at aggregated consumer data and suggested fixing the underwriting and pricing rigor.
The other solution, championed by the Chief Executive Officer Deborah McGrath (Debbie), looked at the existing performance monitoring tools and recommended substituting them with a tool that analyzed the data at a granular level and then create a scorecard to monitor the performance at the lowest business denominator.
The seven-member board led by Chris Collins had to consider availability of data and analysis tools and their ease of implementation before deciding between the solutions.
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