Big Data continues to be a big deal, and the analytics challenge has never been greater. At Accenture, we wanted to understand how businesses across industries are using data and analytics. Then, we compared the responses from insurers against those from other industries. In this Insurance Chart of the Week, we’ll take a look at some of the results of the Accenture Analytics in Action study.
Compared to other industries, more insurers use data and analytics tactically—not strategically
The study highlighted some surprising results:
- Only 17 percent of insurers said they routinely use analytics as part of an integrated, enterprise-wide approach.
- While 36 percent of insurers (compared with 20 percent of the total sample) have the resources and ability to use analytics, they apply them in tactical—rather than strategic—applications.
- Notably, 20 percent of insurers said they “don’t know” how their organization was using data and analytics. In a data-dependent business like insurance, that’s an eye-opener.
In short, when it comes to using data and analytics across the enterprise, insurers lag behind other industries. But there are some places where insurers’ investments in analytics are putting them ahead of the pack. Join me next week as I share those results.
- View other Insurance Chart of the Week videos.
- Find out more about The Digital Insurer: Achieving Payback in Insurance Analytics (pdf).
Is your organization getting the most of its data and analytics? Send me an email and let’s discuss your analytics strategy.