Tag Archives: Business

Technology in Africa: Extracting insights from Big Data

The big data opportunity for Africa came into sharp focus this week when IBM CEO Ginni Rometty and key members of her executive team visited Africa to meet with clients and government leaders. “Going forward, data is going to be THE source of competitive advantage,” Rometty told a South African audience.

Already, African companies are harnessing big data to transform their businesses. Take Santam Ltd., the leading short-term insurance company in South Africa. The company is using predictive analysts to streamline the processing of claims and to spot potentially fraudulent claims. When Anesh Govender reported for duty as Santam’s head of operations for finance, his boss told him that he wanted to do more with less. Govender quickly spotted data as his leverage point. “I was amazed how much data was available but how little of it was being used” he said. Govender was one of the presenters at IBM’s South African gathering.

He decided to completely overhaul the claims processing system. In the past, every claim went through the same steps of being reviewed manually by staff members. Today, they’re all fed into a predictive analytics software program that channels routine claims into a queue for quick action. The others go through deeper analysis that takes into account not just the current claim but a lot more information about the customer and their past claim activities. Computer algorithms search for patterns that suggests the claims might be fraudulent. One example: Fraudsters typically start with small false claims and, if they’re successful, submit larger ones. Govender’s staff has tuned the algorithms so they identify the maximum amount of false claims without producing too many false positives—which require extra work by the claims processing staff. Today, they kick out only 1% of claims for deep fraud analysis, and about 30% of them are fraudulent.

 

Connected Liverpool @ Department for Business, Innovation and Skills – London

Yesterday, Monday 6 August 2012, Connected Liverpool paid a visit to London for a meeting in Whitehall at the Department for Business, Innovation and Skills.

At 2 pm sharp, CEO Lee Omar and Innovation Lead Jordy van Kuijk met up with Allan Mayo, Head of Services Policy Unit at Department for Business, Innovation and Skills to discuss the vision of Liverpool to become a Smarter and better Connected city. We asked them to shortly comment on their trip:

CEO, Lee Omar

“It was great to meet Allan Mayo at the department’s contemporary main office at 1 Victoria Street. You could sense a strong positive vibe both on the streets and within the department due to the presence of the Olympics. It was good to exchange ideas and thoughts about how a smarter and better connected city should be realised on various fields. He really is a thought leader in the field of Business, Innovation, Skills and beyond.”

Innovation Lead, Jordy van Kuijk

“Great to meet such a forward thinker when it comes to enhancing citizen’s quality of life and empowering them to achieve more in life by embracing technology and open data. Allan was keen to hear our initiatives and ideas to raise the profile of Liverpool and to make it a better and smarter city to live.”

Connected Liverpool stays at the forefront of turning Liverpool into the first Smart City in the UK. We are eager to consult anyone with expertise in the field who is keen to contribute to making Liverpool a more efficient and more competitive place to live, learn, work and play.

Any ideas? Contact us at jordy@connectedliverpool.co.uk