In such a highly competitive industry, insurance companies need better insights to be able to gain a more holistic view of enterprise performance. In order to increase efficienct and boots profitability it is critical for everyone in the business to make the optimal decisions and in order to do this, they need the right data.
In a industry that is so incredibly unpredictable, business intelligence can make things that little more predictable by helping you understand changes in your business and in the market.

BUSINESS INTELLIGENCE FOR INSURANCE : THE CHALLENGES

The challenge for insurance companies is not with the data itself. Most insurance companies have collected hundreds, thousands or even millions of rows of granular data about every aspect of their business.
Large volumes of data surrounding factors such as policies, policyholders, risk assessments and claims histories will be stored somewhere in the business. However, that is the problem - this data is stored 'somewhere'. meaning it is often difficult to locate, and even more difficult to extract.

THE VALUE OF BUSINESS INTELLIGENCE FOR INSURANCE

The challenge for insurance companies is not with the data itself. Most insurance companies have collected hundreds, thousands or even millions of rows of granular data about every aspect of their business.
Access to business intelligence and analytics is vital for any insurance company wanting to succeed in an increasingly competitive industry. The ability to turn large volumes of raw data into actionable insights represents a significant value proposition for these businesses. These insights can be proceless in terms of the limitless opportunities they can unearth across the business.