Claims management analytics insight #1
Montreal, QC (Nov. 6, 2015) – When undertaking to improve analytics, to leverage legacy systems, or to integrate new sources of data into a current system, it is tempting to view these challenges as technological issues. But claim managers should instead take a look at these from a business perspective.
Analytics development programs are frequently initiated, developed, and even “owned” by experts in Information Technology. Intuitively, letting the IT experts get on with their work sounds like a logical way to produce the desired results. However, an Analytics program that is not viewed primarily as a business challenge will get overly focused on the technological considerations, and end up misaligned with corporate strategies and business interests.
When claim managers keep the business challenge in mind, they naturally exert a proactive executive sponsorship, and swiftly reap tangible business benefits. This shift in perspective – from technological challenge to business challenge – imposes a stable corporate definition upon the Analytics initiative. It reconciles the diverging priorities that can emerge from conflicts between the technological constraints and the stated business goals.
Technology is the means to the end, not the end in itself. The technological solution must always be crafted as a response to the business goals.
InEdge is a leader in Insurance Analytics solutions. Experienced at quickly leveraging data, InEdge seamlessly and powerfully creates business advantage for its clients. Since its creation in 1994, InEdge has designed and implemented some of the most sophisticated analytical applications available today. Our clients add up to an impressive roster of Property & Casualty and Life Insurance companies. Our Analytics solutions improve and make easier decision-making at all levels for our clients. For more information, visit www.inedge.com.