What are the most effective data presentation techniques for insurance executives?

Tailor the Narrative - Insurance executives wear many hats. Tailor data stories to their specific needs. Board members might crave high-level insights on profitability and market trends, while underwriters might need granular details on risk factors.

A lot of today's executives who grew up as underwriters are used to simply looking at numbers in raw form. Compared to many other industries I've worked in, these executives are happier with tables of numbers. This doesn't mean that they don't get value from different types of graphs and other data visualisations, but while in some industries raw numbers are rarely shared with executives, in insurance it can often be impactful

Incorporating interactive dashboards into presentations allows insurance executives to explore complex data intuitively. For instance, a dashboard designed with drill-down features can display overall claims trends at a glance, while enabling executives to click through and analyze specifics, such as types of claims by region, over time. This approach not only highlights key metrics and trends but also empowers executives to engage directly with the data, fostering a deeper understanding and facilitating strategic decision-making. Tailoring such dashboards with filters for different variables further enhances their utility, making them an indispensable tool for dynamic data exploration.

Don't just present data points – explain what they mean. Highlight trends, identify correlations, and connect the dots to paint a clear picture of the situation.

Every data story should culminate in actionable insights. Help executives translate data into concrete decisions that can improve profitability, mitigate risk, or optimize customer experiences

Use the storytelling techniques... In the usual pitch, the following format primarily used PSA - Problem, Solution, and Achievement. If one brings in the flavor of what unusually (Like learning) done to get into an achievement, then the result would stick with everyone on the executives

Transform data presentation for insurance executives by weaving a narrative around customer satisfaction metrics post-claim. Start with a compelling story of a customer's journey from claim filing to resolution, highlighted by key data points showing satisfaction levels at each step. This method not only personalizes the data but also creates a memorable storyline, helping executives understand the impact of each process on customer experience. Conclude with actionable insights, such as targeted improvements that can enhance satisfaction scores, turning the data into a compelling call to action.

We are wired to process visuals effectively. Utilize charts, graphs, and infographics to make data come alive. Ensure visuals are clear, and concise, and directly support your narrative.

After delivering a data presentation to insurance executives, utilize a digital feedback tool, such as an online survey or interactive polling, to gather immediate responses. For example, after a presentation on policy renewal rates, send a brief survey asking executives for their opinions on the clarity of data visualization, the relevance of the presented data to strategic goals, and suggestions for additional data points of interest. This direct feedback loop enables presenters to refine their approach, tailoring future presentations to better meet the needs and preferences of the executive audience, thereby increasing the effectiveness of data communication.

While some technical jargon might be necessary, avoid overwhelming the audience. Focus on clear, concise communication that emphasizes the business impact from data insights.

In Insurtech world, important is to show data which can meet technology needs, easy to visualize & interpret. A simple example for customer data segmentation for better pricing based on the 'actual' risk is a tabular format of men/women data highlighting the stroke risk analysis across age group.