Boston, MA (Feb. 5, 2019) – Given how critical data and analytics are in insurance, it is essential for technology leaders to ally with analytics partners to gain a competitive edge. In a new CIO Checklist report, Building IT/Analytics Alignment, research and advisory firm Novarica provides a guide for IT leaders to build and strengthen relationships with analytics units in their organizations.
“When they work together, technology and analytic teams can combine the benefits of their respective disciplines to co-create new products or capabilities not otherwise possible if each discipline kept to their swim lane,” said Deb Zawisza, Vice President of Research and Consulting, and author of Novarica’s new report. “As technology continues to advance in the analytics space, a well-aligned IT and analytic organization can take advantage of technology advances in the analytics space more effectively than those at insurers who keep them separate.”
In particular, the brief suggests that CIOs take the following steps (the “checklist”):
- Become an enabler;
- Co-sponsor an initiative;
- Support collaboration and team-building;
- Leverage agile development;
- Share talent;
- Showcase successes together.
A preview of the brief is available online.
Data and analytics are becoming a key differentiator in insurance, especially in underwriting and claims handling. It is crucial for technology leaders to harness the power of artificial intelligence, machine learning, and third-party data sources. It is of equal importance for technology leaders to foster partnerships between technology organizations and analytics teams—doing so may mean the difference between implementing innovative solutions or traditional ones, between deriving value from operationalizing analytical insights or not.
This CIO Checklist provides a guide for IT leaders to build and strengthen relationships with analytics units in their organizations.
Click here for the table of contents or to access the report.
Novarica helps more than 100 insurers make better decisions about technology projects and strategy through retained advisory services, published research, and strategy consulting. Its knowledge base covers trends, benchmarks, best practices, case studies, and vendor solutions. Leveraging the expertise of its senior team and of more than 300 CIO Research Council members, Novarica provides clients with the ability to make faster, better, more informed decisions. Its consulting services focus on vendor selection, custom benchmarking, project checkpoints, and IT strategy. For more information, visit www.novarica.com.
Source: NovaricaTags: analytics, Novarica