A Candid Conversation with Paul Mang
Bill Sinn | October 04, 2019
Paul Mang is the general manager, analytics and data services, with Guidewire Software, Inc., one of the leading software companies serving the property and casualty business in the U.S. and worldwide. In this newly created position, Mang is responsible for helping Guidewire customers innovate and leverage the growing area of data analytics. Headquartered in Foster San Mateo, Calif., Guidewire serves a community of 350+ insurers in 40 countries.
Describe the path that led you to Guidewire.
Early on in my career, I spent some time in what I thought was going to be a short stint in consulting. That short stint ended up being 14 years at McKinsey & Co., where I led part of the insurance practice in North America and was exposed to all aspects of risk management, in both the property and casualty and life sectors.
A few years ago, I had an opportunity to be the global CEO of analytics at Aon; but recently an interesting opportunity arose at Guidewire. I joined Guidewire as the GM of a new business unit focused on analytics and data last year.
What is the focus of your current role?
The focus of my current role is to take the new capabilities we have from the companies that recently came into the Guidewire fold, combine them with the formidable existing capabilities around data and analytics, and create a set of solutions that our insurance customers can use to make the most of the data and technology they have. One theme that I try to reinforce with our group is that we can help our customers make better decisions, whether it's around pricing or operations. We're in the better decision business.
What excites you most about working with data and analytics?
People make decisions with the heuristics that have inherent biases, and data and analytics help us overcome such challenges. Having the right data and analyzing it efficiently helps us make better decisions that impact customers. I believe data and analytics help our industry help insureds who are counting on us every day.
What do you think is the biggest data-related challenge for insurers today?
Enterprises are having trouble stitching their own data together, given the sheer volume they have-- this is even before taking external data, the Internet of Things, for example, into consideration. While we can now capture data better due to increased processing power and storage capacity, insurers can feel like they are swimming in data that cannot be easily leveraged to help their business. The biggest challenge for executives today is to make sense of the increasing volume of data, internal and external, to better serve their customers.
What can insurers do to address this challenge?
One thing insurers can do is to think about data itself as an asset. Carriers manage reasonably well their financial capital and are increasingly sophisticated in how they think about human capital--talent. But is there that type of attention to their data assets? Data are a different type of asset, and increasingly more valuable to all enterprises. Without an active data-as-an-asset focus, insurers won't fully be able to serve the needs of their customers today or their evolving needs in the future.
What has changed in the data/analytics world over the last five to 10 years? And what should companies be doing to address these changes?
There's movement toward data and analytics being used for innovation. This can involve an open architecture approach--a mindset where carriers leverage data and analytics tools that are both internal and coming from outside the organization. The increasing intensity of partnering with data and analytics solution providers is a significant trend in this space. Insurers need a mindset that not everything has to be done internally. An ecosystem model for innovation is where this sector is heading.
What do the next five years look like in the property and casualty insurance industry in regard to data and analytics?
We’ll be much more comfortable with different sets of data, particularly non-traditional data and behavioral data, that are enabled by the Internet of Things, telematics, and other sources.
We’ll also have more solutions to address the intangible assets that customers have on their balance sheets. These intangible assets are approximately 80% of the S&P 500 balance sheet, and over the next five years we as an industry will improve by having more products to insure intangible assets. One example is cyber insurance.
Lastly, the P&C insurance industry will create a series of products to address changes in how we are organized as a society. The clearest example is this shift from W2 employees to 1099. The industry has solutions for the sharing economy now, but these circumstances will become more common and evolve, creating a need for new solutions. The nature of work and technology-intensive business models are changing the world around us, and the P&C insurance industry will keep up with new solutions to manage risk.
Your team is doing some interesting work. What can you tell us about their latest projects?
Guidewire Cyence Risk Analytics provides an analytical foundation to reinforce the fledgling but critical cyber insurance marketplace. And we see the need to actively improve the platform in response to the evolving cyber landscape. With the recent release of “Model 4”-- the fourth generation of model updates for Cyence for cyber risk management--the solution not only incorporates massive claim data and new data sources to improve model stability and accuracy, but also expands the parameters of risk evaluation with the addition of accumulation event modeling for ransomware. The ransomware event modeling is a significant enhancement as it explains the cyber liability and risk exposures associated with ransomware.
Furthermore, we are applying the technology that powers our cyber solution--the data listening engine that collects and curates external data at petabyte scale--to the small business segment. By leveraging this data, we can help our customers identify unapparent risk factors, augment and even automate underwriting in the small business segment. So far, the small business solutions are available for workers’ compensation and cyber, and we are working to expand into other lines.
Are insurers embracing the value of data and analytics from the top down and making the necessary changes? Have we reached a tipping point?
Insurers are embracing the value of data and analytics. In fact, at the various P&C conferences, you often hear references to data as “the new oil.” It is now almost taken for granted that data are of value and foundational to business.
I think insurers are recognizing this, but the big challenge is converting data into value. There's still more work to be done as an industry around where to go next, beyond recognizing that data and analytics are valuable. Our customers can do things faster now, but we know we'll get to a point where data and analytics get to this value realization--when we have new products, the cost structure is more efficient, and there will be new ways to address emerging client needs. We are very much in the early stages on this journey.
Do you believe data and analytics are helping create a culture of innovation with insurers today?
The need for insurers to innovate and respond to changing customer needs is changing the way they think about data and analytics. I think it's the culture of innovation that's really a starting point, and then the data and analytics support reinforce it.
What advice do you have for today's insurance leaders?
The No. 1 priority should be to always efficiently fulfill your obligations to your current customers. However, as insurance leaders, we also need to think about the future and the evolving needs of customers given the technological and societal changes we are experiencing. We all have to think about those future needs and bring the formidable capabilities of our industry to help address emerging risk needs in society.
- COVID Drives More Reliance on Risk Management Systems, New Study Finds
- Electronic Chat with Robert Clark, CEO, Cloverleaf Analytics
- Solving Customer Communications Challenges with Hybrid Mail
- Six Trends Shaping Digital Insurance Tech Strategies in 2021
- Billing a Key Component of Customer Service, Celent Finds
- Why Data Science Fails
- Electronic Chat with Andrew Jernigan, CEO, and Allen Koski, President and Chief Innovation Officer, Insured Nomads
- Electronic Chat with Allison Martin, CEO and Founder, UDoTest
- Are Carriers Ready for the Coming Crash?
- Electronic Chat with Christopher Moore, Director for North American Sales Engineering and Solutions, Trifacta
- Next Insurance Partners with Amazon Business Prime to Provide Small Businesses with Affordable Digital Insurance Options
- An AI Walks Into an Electronics Store...
- InsurTech NY Announces Global Early-Stage Competition Winners
- World’s Worst County/Western Insurtech Song
- Electronic Chat with Anne-Laure Klein, COO, Akur8
- COVID-19 One Year Later: The Digital Transformation of Insurance
- Electronic Chat with Michael Kassing, CEO/CVO, insured.io
- BrokerTech Ventures Announces 2021 Cohort Class for Accelerator
- An Entirely Preventable Disaster
- Flipping the Fraud Triangle
- The January/February ITA Pro Magazine is here!
- Credit Risk, ESG, Cybersecurity Top Risk Concerns for Financial Institutions, Deloitte Finds
- Electronic Chat with Ellen Moser, Senior Client Executive, Origami Risk LLC
- The Answer to “So What?”
- Leaders Rise from a Year Like No Other!
- Electronic Chat with Jonathan Roomer, Co-Founder, YuLife
- Getting Creative to Hit COVID Curveballs Out of the Park
- Electronic Chat with Eugenio Gonzalez, Plug and Play
- New Report Projects Global Insurtech to Grow by $21 Billion During 2020-2024
- The 2020 Virtual Event Wasteland
- Insurtechs, Investors Optimistic About Post-COVID Future, New DIA/McKinsey Study Finds
- Finding Grandmas
- No Code / Low Code: The New “Shortest Route” In Insurance Delivery
- Are You Addicted to Copy-and-Paste?
- Electronic Chat with Nino Tarantino, CEO- Americas, Insurance and Mobility Solutions (IMS)
- Driving Life Insurance:Tech Alone Won’t Solve Business Problems
- Electronic Chat with Robin Roberson, Managing Director, North America, Claim Central Consolidated
- How Do You Make It Happen?
- Electronic Chat with Jason Liu, CEO, Zywave
- New Partnership Models Take Program Business to the Next Level
- New Study Finds Less than Half of Consumers Trust Insurers to Respond to Their Needs
- Electronic Chat with Andrew Mauritzen, CFO and Head of Insurance Industry, Exactuals
- You Want Us To Do WHAT For Free?
- Electronic Chat with Evgeny Aleksandrov, Co-founder and CEO, Pilotbird
- Electronic Chat with Chris Cheatham, CEO, RiskGenius
- New MIT Sloan Study Finds Few Companies Gain Big Benefits from AI
- The September/October ITA Pro magazine is here!
- “Being Right” is Just the Start of the Battle
- Electronic Chat with Amit Ranjan, Executive VP and CAO, Xceedance
- Planning for Your Business and Tech Future: Strategies, Plans and Budgets for Rapid Transformation
- Electronic Chat with Jimmy Padia, Founder and CEO, Floatbot
- Gelato with Dots and Sprinkles
- COVID-19 and the Insurtech “Junk Drawer”
- Even “Change” is Different Now. Your Strategic Planning Needs to Be Too.
- The Road Ahead for P&C Insurers: How to Understand Customers Better and Navigate the Post-COVID Insurance Market
- Electronic Chat with Jake Tamarkin, Co-founder and CEO, Everyday Life
- Strategic Planning in the “New Normal” Digital Era of Insurance – Your Next Move
- Insurer Tech Investment Priorities See Major Shift in a Post-COVID World
- Plug and Play Selects 25 Insurtech Startups for Winter Batches
- Digital Transformation – A Top Strategic Priority and New Reality
- Four Steps to Successful Migration of Insurance CCM Applications
- COVID-19 Accelerates Insurance Digitalization to Meet Customer Demand: World InsurTech Report 2020
- Electronic Chat with Greg Williams, Co-Founder, President & CEO, Acrisure
- Electronic Chat with Matt Perlman, Partner, IA Capital Group
- Insurer Digitalization: Are you a Competitor or a Laggard?
- Leaders are Leading and Creating the Future of Insurance Distribution
- 3 Things You Need to Know About No-Code
- Electronic Chat with Adam Kiefer, CEO, Talage
- Underwriting in 3D: Using Data to Adapt and Improve Life Insurance Sales
- Getting Past the "Gelato Syndrome"
- Insurers Know CX/UX is Important, but Don't Agree on Execution, Study Finds
- Electronic Chat with Steve Lekas, Branch Insurance
- How AI Can Attract Millennial Talent to the Insurance Industry
- Preventing Data Breaches
- A New Boom for Life Insurance: Shifting Away from the 250-Year-Old Policy Transaction
- Electronic Chat with Ty Harris, Founder and CEO, Openly
- A Digital Wildfire Creates a Burning Platform for Digital Insurance Business Transformation
- Digitalization, COVID-19 Spurring More IT Investment in Cybersecurity
- Electronic Chat with Michael DeGusta, CEO, ClarionDoor
- U.S. Consumers Significantly Underestimate Flood Risk, New Survey Finds
- The Future of Insurance: Opportunities in Ecosystems
- Electronic Chat with Todd Greenbaum, CEO, Input 1
- Majesco to be Acquired by Thoma Bravo
- The Evolving Role of Managing General Agencies
- Electronic Chat with Char Hu
- Electronic Chat with Allan L. Egbert, Jr.
- Electronic Chat with Christopher Tramontano and Zbigniew Gawienczuk
- Data Science is Gelato
- Insurance Innovation: Alive and Kicking
- Independent Agents Divided on Digital Experience, New Survey Finds
- Electronic Chat with Michael Jones
- Electronic Chat with Paul VanderMarck
- As Auto Insurance Premiums Shrink, Insurers Need Mobility Ecosystem, New Study Finds
- Property & Casualty Insurers Raise Digital Games as COVID-19 Elevates Customer Expectations, J.D. Power Finds
- Electronic Chat with Bobbie Shrivastav
- Meet the Board: Marissa Buckley
- Big Data and Insurtech: A Carrier Perspective
- Traditional Insurers Need Open Ecosystems, Partnerships to Remain Competitive, CapGemini Report Finds
- Electronic Chat with John C. Siegman
- 4 Ways AI is Empowering Insurers During COVID-19
- 6 Big Changes to Insurance from the COVID-19 Crisis
- Electronic Chat with Christopher Ewing
- Independent Agency Staff Morale High During COVID-19, New Survey Finds
- Electronic Chat with Brad Epker
- Tapping AI to Improve Policyholder Experience
- Electronic Chat with Manisha Bhargava
- ITA Pro Magazine, March/April 2020
- COVID-19 a Game Changer for Workers’ Comp
- Electronic Chat with Steve Comer
- COVID-19 Pandemic Forces Cancellation of ITA LIVE 2020
- Leveraging Digital Resources in the Time of COVID-19
- Electronic Chat with Robert Hartwig on COVID-19 and Insurance
- Celent Study: Most Small Businesses Still Unclear on Importance of Cyber Insurance
- The January/February 2020 ITA Pro is here!
- Deloitte: New C-Suite Roles Mean More Opportunities for Women
- Electronic Chat with Pankaj Parashar
- Electronic Chat with Tara Kelly
- Electronic Chat with Chuck Wilson
- ITA, InsNerds Collaborate to Enhance ITA LIVE 2020 Content and Coverage
- How SMBs Can Compete in Digital Ecosystems in the 2020s
- 4 Ways Insurance Can Prepare for New Data Privacy Laws
- Brewer Lane Ventures Launches and Hires Insurtech Vet Martha Notaras as Managing Partner
- 2020 GIA Cohort Launches on January 14
- The November/December 2019 ITA Pro is here!
- Electronic Chat with Joshua Snead
- Electronic Chat with Wendy Aarons-Corman
- Simplifying the Move to a Third-party Print Provider
- Take a Business-Driven Approach to Continuous Improvement for Core Systems and Processes
- Electronic Chat with Ron Glozman
- Guidewire’s Data Guru Mike Byam on How Insurers are Using Internal and Third-Party Data
- Electronic Chat with Russ Bostick
- Electronic Chat with Rock Schindler
- Electronic Chat with John Siegman
- Electronic Chat with Martin Burlingame
- Insurtech Landscape 2019: Top 5 Takeaways
- Grinnell Mutual Tackles Massive Transformation -- in Stride
- A Candid Conversation with Paul Mang
- SageSure Insurance Managers Improved Competitiveness by Consolidating Payments to a Single Digital Platform
- Digital Does Matter in Insurance-- And Insurers are Missing the Mark
- The 22nd-Century Insurer: Taking a Cloud-First IT Approach
- The September/October 2019 issue of ITA PRO magazine is now available in digital format here:
- ITA Pro Magazine May/June 2019
- Spotlight on the 2019 IASA Conference
- ValueMomentum Selects Erie as Site of Regional Development Center
- Capgemini and Majesco Become Alliance Partners
- Electronic Chat with Dr. Dan Shoham
- Electronic Chat with Todd Greenbaum
- Martha Notaras: The “Outsider” with an Amazing Inside View
- Electronic Chat with Larissa Tosch
- Martha Notaras Will Join ITA LIVE 2019 as a Keynote Speaker
- Five Things to Consider When Evaluating Your Cyber Risk
- ITA Pro Magazine, January/February 2019
- Synergy Between Insurers' IT and Analytics Teams Key to Operationalizing Insights, Says Novarica
- Major Ransomware Attack Could Hit U.S. with $89B In Economic Damages
- ITA Announces 1st of Three Keynote Speakers at ITA LIVE 2019
- Electronic Chat with Jeroen Morrenhof
- Legacy Systems Are Dead. Really? Don't Count On It.
- Now Accepting Nominations for the 2019 ITA Bridge Awards
- It's time to register for ITA LIVE!
- Registration is Now Open for ITA LIVE 2019!
- What to Expect from a Digital Experience Platform Implementation
- ITA Pro Magazine September Edition is Now Available
- It's National IT Professionals Day
- Save the Date for ITA-LIVE 2019
- OneShield Software and UrbanStat Work Together to Improve Real-Time Analytics and Risk Decision-Making
- ITA LIVE 2019 - SAVE THE DATE!
- Insurance Technology Association Announces New Editor-in-Chief
- August 2018 Edition ITA Pro Magazine is Now Available
- Enterprise Architecture in an Agile World
- Top 10 Tips for Securing Your Mobile Devices and Sensitive Client Data
- Industry Insight: 4 Global Insurance Trends in Digital, Data, Content Services and Security
- Diving Deeper into Prioritizing Your Strategic Digital investments
- Why Content Rules
- How Mass Personalization Will Open the Small Business Benefits Market
- At Year End 2017, Will Your Organization Be Protected from Cyber Risks?
- Do Insurance Bots Dream of Mitigating Risk?
- Conditioned to Respond
- Managing & Mobilizing Insurance Data in a Connected World
- Race to the Finish Line
- New Tools, New Opportunities in Claims
- ITA LIVE: Reaching Insurance Industry Crossroads
- Advice to Insurance IT Leaders: Keep Your Eye on the Ball
- New Date, Venue for ITA LIVE 2017
- Guidewire Makes Major Push to Small and Midtier Market by Acquiring ISCS
- Insurance Disruption is Happening Right Now
- Insurity Adds Strategic Investment Partner, General Atlantic
- Beyond Transformation: The Convergence of Finance, Risk, and Actuarial Functions
- The Rapid Evolution of Consumer Protection Regulation
- Talent Hunt: Finding, Attracting, Retaining Top People
- Insurers Flexing Their Distribution Models
- Technology Driving Disruption in Insurance
- Fear of ‘Next Bubble’ Challenges Life, Annuity Carriers
- Technology Allows Commercial Lines Insurers to Stand Out
- Single Sign-on Viewed as Biggest Tech Challenge for Agencies
- ISCS Observes 20th Anniversary; Scurto Predicts Major Changes Ahead
- Policyholders and Their First Impressions
- Progressive Making Progress on the UBI Front
- High and Dry: Insurers Search for Disaster Recovery Plans
- Insurers Sign The (Un)Dotted Line
- Reflections of a Retired Insurance CIO
- Mobile Device Management Just One Answer to BYOD Issue
- Lessons from GEICO and Progressive on Winning the Critical Buying Stage
- You Are a Target for a Cyber Attack
- Web-based Systems are the Next Evolution in Claims Technology
- Gaining a “Wow” Experience from Web Users
- Time to Shift from Business/IT Alignment to Business/IT Alliance
- Healthcare Insurers Changing to Consumer Model
- Organization is the Key for Selecting Software Vendors
- Analysts Expound on the Needs of the Mid-tier Insurance Market
- Finding the Cure for Obamacare’s Website
- New Software Solutions Benefit Insurers on the Inside and Outside
- Products, Market Impede Investment in Systems for Life Insurers
- Combatting Cyber Threats: Predict, Prevent, Persist
- The Future of Telematics Heads Beyond Insurance
- The Shame in Cyber Security Lapses
- Building Policy Administration Systems for the Future
- Insurers Look Into The Eyes of Their Policyholders
- It’s a New Dawn for the ITA
INSURANCE IT NEWS
- Catapult Insurance Solutions Moves into Production with Builders Risk Expansion Program
- Insurance Technologies Acquires IXN
- Crawford Technologies Announces Second Annual Customer Communications Virtual Summit
- Zywave Acquires Risk Management Solutions Provider Enquiron
- eMaxx Launches Customer Centric Platform for Variable Cost Captive Programs
- Brewer Lane Ventures Hires David Castellani, Former New York Life Executive and Head of Technology
- RW Exchange, Sterling Seacrest Pritchard Announce Partnership
- Protecht Hires Todd Hancock as Chief Insurance Officer
The Email Chat is a regular feature of the ITA Pro magazine and website. We send a series of questions to an insurance IT leader in search of thought-provoking responses on important issues facing the insurance industry.
ITA LIVE 2020
ITA LIVE 2020 –SAVE THE DATE!
April 5th – 7th, 2020
The Diplomat Resort
Become a member today to receive updates – www.itapro.org/MR
BLOGS AND COLUMNS
Even the most digitally transformed insurance organizations struggle with ad hoc customer communications. Luckily, technology can help... READ MORE
Data science projects that “fail” all have one element in common... READ MORE
You have surely heard it said that small businesses are the growth engine for America. Today, the phrase has a special ring to it for benefits... READ MORE
With stagnant growth and lingering low interest rates, the life insurance industry faces a challenging future... READ MORE
Finding insurance carriers willing to write commercial lines risks has always been a challenge for producers... READ MORE
As Guidewire Software prepares for the start of Connections, its 11th annual user conference that begins on Nov. 2, Brian Desmond, chief marketing... READ MORE
COVID-19 has accelerated digital adoption, especially in the areas of claims adjustment and fraud prevention... READ MORE
- Vendor Views