Leveraging data for smarter decision-making at Bupa

A recent collaboration with Melbourne Business School is enabling Bupa to extract greater value from the vast amounts of data at their disposal.

The ability to leverage organisational data to make smarter decisions was something that immediately resonated with Bupa’s General Manager for International Partnerships Mark Kopec.

“I personally love data; it's right up my alley. I have a background in engineering, so this really spoke to me,” Mr Kopec said.

The international health insurance company recently initiated a partnership with Melbourne Business School and the Centre for Business Analytics to design a program to enhance their teams' data literacy on a global scale.

More than 20 sessions were held throughout Australia, the Asia Pacific, New Zealand, UK and Europe with over 500 Bupa employees taking part in the program. 

The course was led by Professor Yalçın Akçay, the Director of the Centre for Business, who said Bupa’s commitment to upskilling their workforce was indicative of their understanding of the changing business landscape.

“In today’s data-driven world, the ability to make informed decisions based on data is not just another feather in your cap for a business leader, but an absolutely essential skill across industries,” he said.

A custom solution for Bupa’s data-driven needs

The custom Data for Decision Makers executive education program was held over two days and specifically designed to suit Bupa’s needs.

“We talk about some of the best practices around how to extract value from organisational data, but also the myths and common mistakes around data-driven decision making,” Professor Yalçın Akçay said.

“We then take the participants on the complete journey around business analytics, starting from descriptive analytics and highlighting its inherent limitations. Participants then get to understand the need for more advanced forms of business analytics, such as diagnostic, predictive and prescriptive analytics.” 

According to Mr Kopec, the partnership with Melbourne Business School was instrumental in ensuring that Bupa’s team gained a deeper understanding of the data they had at their disposal and how to use it effectively. 

“Bupa Australia has been very much focused on a risk uplift, and we couldn't achieve a lot of that risk uplift without understanding the data. For us within the sales team and the partnerships team we have a due diligence process which is very much driven by data,” Mr Kopec said. 

The Power of Artificial Intelligence

The aim of the program was not only to refine decision-making skills but also to help participants understand how artificial intelligence (AI) could unlock greater value from organisational data. 

“What we want participants to understand is that artificial intelligence is essentially a sophisticated form of business analytics. And if you want to make really accurate predictions, personalise customer experiences, or optimise decisions in large-scale, artificial intelligence will be the key enabler for such advanced analytics,” Professor Akçay said.

One of the key takeaways for Bupa's sales and partnerships team was the concept that correlation does not necessarily imply causation.

Understanding this distinction has allowed them to analyse data more critically, diving deeper into customer sets to uncover the root causes of issues and devise more effective solutions. 

“The ultimate result of that is that we're getting better deals. We're saying no as well to deals, or we're making sure that we're making the right decisions,” Mr Kopec said.

Practical learning and hands-on experience 

The course was designed with a mix of hands-on exercises, business case studies, and workshops, enabling participants to immediately apply what they learned to their roles. 

For Bupa, the training was not just about improving technical skills but about fostering a culture of data-driven decision-making across the organisation.

Having the opportunity to engage in the course alongside regional leaders, such as the regional CEO and CFO, underscored the company's commitment to continuous learning and development.

“The most encouraging thing for me has been in my sales team and my partnership team, seeing their commercial literacy skyrocket following the course,” Mr Kopec said.

Their newfound skills in data analysis since completing the program have elevated their ability to make more strategic and informed decisions, ultimately benefiting the business and their customers now, and into the future.

To learn more about custom executive education solutions, visit our For Organisations page.

Data for Decision Makers is also run as a two-day course that explores how leaders can strategically capitalise on their data to gain a competitive edge. Find out more and register for an upcoming short course here.