PRESS RELEASE: Octagram Formed to Help Commercial P&C Carriers Compete with Data, Analytics
Octagram founder, Jessica Leong
CHICAGO (July 7, 2022) — Octagram Analytics has been established to close the gap between data and analytics models and actual business impact for commercial property-casualty insurance organizations.
The consulting firm is led by CEO Jessica Leong, who for 20 years has managed actuarial and data science teams in the commercial property-casualty industry. She is former president of the Casualty Actuarial Society (CAS).
“I see commercial insurance organizations invest in advanced analytics and then a few years later wonder why they don’t see the impact they expected,” Leong says. “It’s often a combination of two things. One, the focus is on the analytics, and not on solving a problem. Two, the underwriters, claims professionals or brokers don’t see a compelling reason for change.”
Octagram will focus on scaling measurable financial impact from data and analytics, Leong says. “A model is only one component of a successful data and analytics initiative. We bring a holistic approach that bridges the gap between the model and business impact. I make a point to say ‘business impact’ because people assume it’s a given, but it’s not. I have experienced first-hand the wide gap between delivering data and analytics and delivering impact.”
Focus on gaining organizational adoption of the model is essential, Leong says. “In commercial insurance, this means delivering tools that brokers, underwriters and claims professionals want to use.”
Leong most recently was lead data scientist at Zurich North America, where she led the advanced analytics team that reduced loss ratios, reduced expenses and increased top-line premium. Prior to her Zurich post, she was senior vice president at Guy Carpenter and a consultant at both Milliman and Willis Towers Watson. She started her insurance career as actuarial analyst for St. Paul Cos.
From 2020–2021, Leong was president of the CAS, a leading international organization for credentialing and professional education, serving over 9,000 members working in the property-casualty risk industry. At the CAS, she advocated for actuaries as true business partners, solving problems using data and analytics. She is a fellow of the CAS and the Institute of Actuaries of Australia.
About Octagram
Based in Chicago, Octagram Analytics was formed in April 2022 to serve commercial property-casualty insurance organizations seeking data and analytics that result in a positive impact on the business. For more information: www.octagramanalytics.com.