How to make the case for buying the data you need

In October 2019, I was one of the speakers at session 134 of the SOA Annual Meeting -- How To Get Real Results in Policyholder Behavior Modeling.  There were several Qs in the Q&A, and one of them was such a killer that my glib attempted A missed the deeper point.  Hand raised again, then killer Q was rephrased.  Gulp.  This time I got the point.  I think that words came out and we eventually moved on, but I knew and the asker of the killer Q knew that I did not produce a worthy A.

This wrecked my day.

It gnawed at me for months.  And it got me thinking about what we do from a much broader perspective.  Whether you are a potential buyer or seller of data and data-based insights, you are in the data business, so you need to know how to make the pitch and close the deal for data.  Here is the A that the killer Q deserved.  I hope you find it helpful...

From the November 2020 Issue of The ActuaryDemonstrating the Value of Data