What Can be Done When BI Fails to Measure Up?
P&C Insurers understand the advantages that Business Intelligence (BI) offers. But when a BI program begins to fall short of current needs or expectations, it is perhaps less obvious what actions are most appropriate to correct the situation. By the same token, how can we ensure an investment in BI continues to deliver on its full potential?
The answers lie in steering away from seeing BI as an Information Technology (IT) issue, and viewing it instead as a business challenge. If strong broker relationships are important, for example, the BI program ought to support information-based interactions with brokers. For Insurers interested in attaining a minimal Combined Operating Ratio (COR), sophisticated analytical capabilities are needed.
Download: 4 Critical Steps for Aligning a Business Intelligence Program for P&C Insurers
With that slight shift in perspective � from IT issue to business challenge � all that�s needed to �get there from here� is the right methodology. Four steps make it possible. These include aligning the BI program with business interests, and adopting the appropriate decision-support architecture. They also include carefully managing the cultural change as results come on-line, coupled with a roll-out strategy that ensures the user community becomes fully engaged in the new informational culture.
To explore this subject in more depth, we invite you to download our brief look at aligning BI programs for P&C Insurers, in four steps
Since its creation in 1994 under the name SQLiaison, InEdge has designed, developed and implemented some of the most sophisticated informational systems available today. Our clients add up to an impressive roster of Property & Casualty and Life insurance companies.