NEW WAVE – 5 KEY FACTORS
Insurers today have more data to use than ever before, with a variety unparalleled in their history. By using data from internal and external sources, insurers are able to better understand their businesses and the competition to make more informed decisions. Yet the availability of more data raises more questions on how the data can be used most effectively. Five important factors influence whether insurers move ahead or remain status quo in the way they view and utilize their data, and whether they have the ability to respond to market demands rapidly.
1 RIGHT INFORMATION TO THE RIGHT PEOPLE AT THE RIGHT TIME
Isn’t that a critical goal of the organization? Decision makers want to be able to make informed decisions wherever they are; with the information needing to be based on performance metrics from key areas of the business. With the significant breakthroughs in technology that have occurred over the last decade, it’s no longer an option to compete by simply collecting and reporting on data, without also understanding and analyzing it. The new smarter insurer doesn’t just want to track and report information; they want to model it, anticipate how proposed changes will play out, and predict and prevent losses. They don’t want to just anticipate business changes as they happen; they like to experiment with models that can determine the best changes to make and how to implement them. It’s not enough to provide managers with reports; progressive insurers understand the new wave is to distribute analytical tools and information to decision makers at every level, so they can act on evidence and make better decisions every day.
Business analytics brings information together from anywhere and everywhere in the organization, and filters and analyzes that information, often times with sophisticated algorithms not found in basic reporting systems. The results are: a deeper understanding of the business and its connections to the marketplace; key performance indicators to drive business decisions; dramatic improvements in the performance of the most critical business processes; and insights and innovations that can change the basis of competition.
2 HOW IS THIS DONE?
Download our complete white paper: The New Wave_Reporting vs. Analytics.