The Future of Insurance Relies on BI

For insurance companies, business intelligence and analytics are the top return-on-investment (ROI) factors for tomorrow’s businesses.

The report, Data Mastery Spectrum Overview 2012, profiles vendors that provide data mastery components, namely BI presentation, analytics and data warehouse.

“No vendor has emerged as a true leader in helping insurers develop their data mastery strategy and roadmap, and few offer a complete data mastery solution,” says Ben Moreland, Senior Analyst with Celent’s Insurance group and author of the report. “The few that have created and enacted on their data mastery strategy will quickly emerge as industry leaders.”

This report describes the current data mastery space in insurance and profiles 27 data mastery vendors. It says successful insurers utilize mature insurance data models that allow them to solve a particular business problem or opportunity and grow with future data mastery endeavors.

“Due to competitive forces, insurers must be able to see and act on business insight in a few months and not years,” the report says. “Insurers need to be able to leverage both internal and external data, as well as grow their use and maturity of big data quickly in an agile manner…. Those insurers that can best leverage both their internal and external data will be the leaders by 2020.”

Another report from Gartner found insurers are increasing investments in data architectures, BI platforms and analytical tools.

Web-based dashboards and reporting tools are increasingly being built into or integrated with core insurance applications and services, Gartner said.

“The consumerization of BI is driving new design and usability, so that the business user can access and customize reports easily, driving up usage,” the report said. “Also, a wider variety of analytic applications, addressing domain-specific needs in insurance, are being introduced to the market by vendors and service providers.”

With all signs pointing toward insurance companies needing more BI applications, new programs are popping up every month. One recent application is Cover-All Technologies, an insurance software solutions provider for the propertyand casualty insurance marketplace, new business intelligence application for the iPad (Cover-All BI).

According to the Cover-All BI, this app makes it easier for users to access and share business information on the go, utilizing powerful and configurable graphic tools and reports.

Cover-All Business Intelligence includes 160 measures viewable across 96 dimensions and provides data models for pre-staging, staging, warehouse and data mart covering core insurance subject areas supporting global and diverse insurance business needs.

“Today, we live in a world of data super-abundance and instant information access,” said Martina Conlon, principal analyst at Novarica. “The internet, search engines and web services have elevated the ‘educated consumer’ to a new level. Producer, employee and consumer expectations about mobile access to information is driven not by what insurers are providing but rather by what banks, airlines, hotels, and other service providers are offering them in their day-to-day lives. Insurance business intelligence solutions that support a tablet platform can deliver big operational benefits to field underwriters, claims adjusters, and independent agent channel managers, as well as keep executives informed of the state of business when they are out of the office.”

 

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