Toronto, ON (Jun. 18, 2013) – Insurance Business Analytics consultancy InEdge has identified the three most common mistakes in insurance BI, appearing as early as the planning phase of a new BI program. According to InEdge, early missteps get the project off on the wrong foot, ultimately delaying production, and wasting time, effort and money.
When no senior executive is clearly identified as a stakeholder, for example, different visions of the BI project compete against each other. A lack of executive leadership has a “trickle down” effect, impacting every link in the chain of command. It can result in different data definitions existing side by side, making it much harder to achieve the stated business goals of the BI program.
“Executive sponsorship is absolutely needed,” says InEdge partner and co-founder Philippe Torres. “It declutters the IT field and helps to resolve small ideological differences that can otherwise result in great practical differences at the end of the day.”
BI program misalignment is another common error unwittingly introduced in the BI planning phase. This can be the result of a BI program being initiated, developed and “owned” by the IT department, where the focus is naturally on technology factors. InEdge suggests this mistake is easily avoided by regarding a BI program as a business challenge rather than a technology issue. Planning-in the business angles from day one ensures alignment with the carrier’s strategic ambitions.
The third and most common mistake is related: acquiring technology to solve what is fundamentally a BI problem. While new software and/or hardware (such as infrastructure) is bound to play a role, a methodology is also needed, that marries the technological changes to “cultural” changes. Changes to the way things are done must be introduced at a rate that the corporation and its end-users can comfortably absorb.
For further details, read the full article: Avoiding the Top 3 Mistakes in Planning an Insurance BI Program (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.