Many insurers are still struggling to achieve a 360-degree view of their customers. A primary reason is that senior executives are unaware of the opportunities their business intelligence systems can provide.
Despite their hefty and increasing investments in data warehouses, architectures, analytics and business intelligence (BI) platforms, many insurance companies still are not getting the value they want, and need, from their BI initiatives.
In essence, past business intelligence initiatives in insurance amounted to the status quo: simple spreadsheets.
For insurers to achieve the desired ROI from large BI investments, they will need to tweak their programs to provide the right information to employees quickly and in a format that helps them analyze, evaluate and react to changing market conditions to drive business results.