Toronto, ON (May 23, 2013) – Recognizing the challenges facing P&C insurers undertaking a new Business Intelligence initiative, insurance BI consultancy InEdge today proposed four key metrics for determining whether a project is correctly aligned and will deliver ROI.
- First, the BI program must have a strong affinity with the carrier�s strategic plan. Its deliverables must promote the use of information in support of a well-defined business strategy. For example, if the emphasis is strong broker relationships, the BI program supports “information-based interactions” with brokers.
- Second, according to InEdge, success in BI brings about oftentimes deep changes in the corporate culture, as the enterprise becomes more “informational” and adopts industry best-practice processes. Thus the BI program must include a change management strategy.
- Third, it must incorporate the right decision support architecture. This can be measured via a Corporate Information Factory (CIF) document, which lays out the components of the proposed BI solution.
- Fourth, the BI initiative must “deliver something new on a regular basis.” Once past the initial phases, application releases within the BI system must occur with predictability, that include the addition of new data sources, new paths into existing data, new attributes, reports, metrics, and so on.
For further details, read the full article: 4 Critical Steps for Aligning a BI Program for P&C Insurers (4-page PDF).
InEdge is a consultancy specialized in Business Intelligence and Analytics for the insurance industry. Expert at quickly leveraging data, InEdge seamlessly and powerfully creates business advantage for its clients. Over $10.25 billion Property & Casualty direct written premiums are analyzed through solutions designed and implemented by InEdge’s experienced team. InEdge is headquartered in Montreal and has offices in New York and Toronto. Visit www.inedge.com for more information.