Analysts Focus on Business Intelligence as a Success Factor for Insurers
The analyst community has been reporting about how Business Intelligence (BI) will be a crucial element for insurers to achieve business success into the future. Numerous researchers have issued reports on the key role analysis and access to accurate data will play in the years to come.
Gartner research director Neil Chandler in “Predicts 2011: New Relationships Will Change BI and Analytics,” posits that “By 2014, many businesses will be involved in BI that is IT-owned and report-focused”.
Chandler also notes that software vendors have started creating BI solutions that make adoption easier for organizations of various sizes, by reducing the costs and infrastructure demands of these solutions.
“Traditionally, BI has been widely adopted in the enterprise. But over the past five years, this has extended to smaller organizations as the cost and footprint required has reduced and the levels of maturity and competence with BI has increased.” – Chandler
In a recent brief, insurance technology consulting firm, Strategy Meets Action (SMA) names analytics as one of five technology “watch points” for insurers in 2011.
In a report issued by Conning Research, “Property/Casualty Small Business Market”, predictive analytics is identified as one of the three key challenges for small business insurers to effectively tackle to achieve lift and improve market reach.
These reports point to the growing focus on realizing the capabilities of next generation business intelligence and analytics in the insurance industry. Solutions that empower business users with analytical insights will allow organizations to execute strategic initiatives and measure sales results with an unprecedented level of certainty and accuracy.