Best Practices for Leveraging Business Analytics in Today's and Tomorrow's Insurance Sector
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Overview: The use of business analytics continues to permeate the insurance marketplace. This report shares the insights of industry thought leaders as they describe the cultural, organizational, technological and personnel challenges required to more broadly adopt and utilize business analytics. New technology capabilities, business models and data sources are constantly emerging. The successful organizations will be those that concentrate as much on the implementation and deployment of business analytics as on the technology itself. For these firms, creating a culture where innovation has an equal place with operational excellence – and where business analytics solutions are both centralized and decentralized – will be the focus. The organizations that also develop job families for analysts, and compensate them based on their contributions, will be one step ahead in attracting, hiring and retaining the resources required for future success. The goal of this report is not to describe what the insurance sector is using business analytics for—but how its use is changing the market … and what organizations need to consider to make that transformation more powerful, palatable and profitable.