The Need for a Business Intelligence Strategy : A Critical Analysis for the Insurance Industry
- Topics:
- Strategy Formulation
- Tags:
- Analysis,
- Software,
- Pricing,
- Marketing,
- Management,
- Investcorp S.A.,
- Insurance,
- Industry,
- Financial Planning,
- Finance,
- ...
- Source:
- Investcorp
FREE Registration is required
Overview: Article explains the role of business intelligence strategy in insurance industry. Insurance traditionally has been a segmented industry. This exists not only in firms offering only single product lines, such as auto or life, but in large multiline companies as well, where the different business units function somewhat autonomously. While the enterprise may offer revenue targets and other goals, the sharing of data across units to facilitate cross-selling and other positive aspects of collaboration is many times given minimal attention. Business intelligence is a set of enabling technologies that collects and presents the disparate data into views that are intelligent and fact based. It allows more quality decisions to be made per hour. It brings new insights and perspectives to questions and answers inherent in the data, but now moves these to a more dynamic plane. For all insurers, whether single or multiline companies, whether global or small regional carriers, the establishment of a business intelligence group will enable the organization to become a coordinated and information-rich insurance company.
(Is this item miscategorized? Does it need more tags? Let us know.)
Format: HTML | Date: Jun 2000 | Pages: 1
