What would you consider as the biggest challenge faced by CDOs today?

• Too much focus on the latest buzz word / topic rather than establishing foundational work like good data governance.
• Being seen as part of IT rather than a business facilitator
• Keeping data a fresh topic – continued business engagement

How do you think Big Data will impact your industry?

• I could see B2B insurers sharing analytical skills with their clients to help risk mitigation.
• Much more third party data being incorporated alongside internal data

In your opinion, do people, in general, in your organization appreciate the value of data in decision-making? What do you think can be done to improve the situation?

• Most underwriters do value data. However, only some of them understand their need to contribute to improving data, whilst others are under the impression that it’s someone else’s (my) responsibility. To improve the situation I typically highlight some poor quality data and show how better decisions can be made with their contribution to data improvements.

How would you explain the role of a CDO to a fresh graduate?

• It’s a fairly new role, but one that’s rapidly growing in the recognition of its importance.
• It’s hard to say exactly what a CDO does because it tends to depend on what the company needs. For example, some industries might have lots of good data but fewer internal analytical abilities whereas others may have lots of analysts making the best out of whatever poor quality data they can get their hands on. So you have to get the balance right for the organisation you work for.
• Having said that some common themes for CDOs do emerge:
  1. Helping set standards, ownership and definitions for data and relationships between data items so that there’s consistency throughout the organisation
  2. Demonstrating the level of quality of the data and setting a plan for improvement
  3. Evangelising data / being a focal point for all things data – without someone continually pushing the data agenda the data can quickly become stale.
  4. Raw data tends to be dull by itself. It’s what you do with it that counts! So, helping transform raw data into useful insights that lead to changes in business behaviour and a competitive edge is often very exciting.

How do you see the role of CDO evolving in the next 3-5 years?

• CDOs will be seen more as a “must have” rather than a “nice to have”.
• More contact with regulators (ugh).

Putting up a credible data analytics infrastructure is always a cost issue? How would you justify this to your company’s CEO/CFO?

• Start small, generate some interest, show results. Let the CEO realise the benefits and ask for more. Design something that works for the users of the analytics need rather than something that looks good on paper. CEOs often see the benefits way more quickly than a CFO.