The full video of Tuesday's seminar, New frontiers in behavioural economics: predictive policy and machine learning, hosted by the Institute
We recently moved our readers to a new system. You may need to reset your password here to login.
Not a member ? Join here for free.
Forgot your password?
Home Features How government can unlock billions of dollars in savings
Text size :
DEPARTMENTSAustralian Tax Office, Department of the Prime Minister and Cabinet, Department of Immigration and Border Protection
TAGS New Zealand, Open data, Digital, Department of the Prime Minister and Cabinet, Department of Immigration and Border Protection, data, Australian Tax Office, digital government, public data, Accenture, Marek Rucinski
A US start-up used government data to make $1.5 billion. The New Zealand government put data to work to find $954 million. The potential for Australian agencies is enormous. But internal barriers remain.
In the United States in 2006, two former Google employees formed a company, Weatherbill, to provide weather insurance to ski resorts, large event venues and farmers. In 2010, Weatherbill decided to focus exclusively on agriculture, launching the Total Weather Insurance Product.
The move prompted Greentech Media to ask: “Is it the Riskiest Startup Ever?” It explained:
“The company’s algorithms continually examine streams of incoming weather data, past history, local conditions and other factors to devise a personalised insurance policy for a farmer.”
What the article didn’t say was that Weatherbill, by then renamed The Climate Corporation, was basing its premiums on a huge trove of data supplied by the US government: 60 years of crop yield data, 14 terabytes of soil data and information from a government network of 159 weather radar stations. The result was that the company did very well: it was bought by global behemoth Monsanto for $1.49 billion in 2013.
Receive unlimited access, get all the latest public sector news and features, plus The Juice, our daily news update sent direct to your inbox.
The Mandarin is where Australia's public sector leaders discuss their work and the issues faced within modern bureaucracy. Join today to discover the latest in public administration thinking and news from our dedicated reporters, current and former agency heads and senior executives.
Accenture is a leading global professional services company, providing a broad range of services and solutions in strategy, consulting, digital, technology and operations.
Read Related Content