Quoted several times in article on the value of information and how the industry is unlikely to ever get too much. Information is critical so insurance decision making; managing it is becoming far more difficult.
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FROM THE MAY 2012 ISSUE OF TECH DECISIONS • SUBSCRIBE!
TMI is Never Bad
How much information is considered too much information when it comes to business decisions?
There are those who believe they already know enough to handle just about any situation and they’ve come
to rely on gut instincts. These people are sometimes admired for this ability, but has enough measurement
been done to determine if those gut choices are great decisions or merely good ones?
Baseball managers are known to “throw out the book” when they make difficult choices that aren’t supported
by the game’s conventional wisdom, although going by the book means relying on old measurements that are
often based on incomplete data.
Observers of the game often are derided for studying new ways to solve old problems as if the game is some
mysterious art form that can’t be broken down into basic building blocks that can be solved by a thorough
examination of the problem.
In many ways, baseball managers are like underwriters who have been doing their job so long they feel their
reaction to certain triggers enables them to make the right decisions.
Certainly those qualities put them in an excellent position as decision-makers, but as similar as some
circumstances seem to be, we know that no two are ever identical and it’s the wise person—armed with more
than instinct—who recognizes even the most subtle of differences.
BY ROBERT REGIS HYLE, PROPERTYCASUALTY360.COM
May 1, 2012 • Reprints
Page 1 of 2TMI is Never Bad | PropertyCasualty360
5/12/2012http://www.propertycasualty360.com/2012/05/01/tmi-is-never-bad