This is the third in a three-part series on how insurers can make the most of their business intelligence (BI) investments. If you’re just joining us, you may want to catch up on the previous posts in the series:
- Part 1: The half-met promise of BI—and the real opportunity for insurers.
- Part 2: Three ways insurers can get more out of their BI investments.
This week, I’ll share three more ways that insurers can leverage their BI investments to derive better business insights across the enterprise.
4. Rapidly develop tools for business use.
Analytics-based tools can enable insurers to identify metrics, trends, relationships and anomalies within their data. Increasingly, these tools are being incorporated into many processes, including front office, claims and customer relationship management. In addition, because insurers deal with both structured and unstructured data, advanced tools that can parse both types of data are especially useful.
5. Embed intelligence into reports.
Reports are more than summaries of information—they should highlight areas that need attention. This requires insurers to identify the information that the business cares about, and the associated metrics and benchmarks that they will use to evaluate the information. They should also establish parameters to identify issues and trends, and train managers to interpret the reports and take appropriate action.
6. Build solutions that offer broad and granular insight.
BI solutions need to enable insurers to look at the entire enterprise, but also be able to drill down to more granular data as needed. A holistic view can help identify general trends or areas of interest, but it’s crucial for insurers to be able to dig deeper to identify the underlying causes. From there, they can establish a strategy to resolve issues or propagate successes.
Make your business intelligence smarter
The key to effective BI is to put business at the helm. Insurers can tap into their huge repositories of data, filter it through sophisticated analytics and enable a slew of benefits—faster decisions, concrete actions, better business operations and growth.
To learn more, download Reaping the Benefits of Analytics: Six Ways to Make Your Business Intelligence Smarter (pdf; opens in a new window).