Insurer Data and Analytics Investments Driving Growth, Improving Risk Management, and Enhancing Productivity

Boston, MA (June 18, 2019) – Business intelligence or data analytics and functionality are among the top capabilities that insurer business executives need IT to deliver in 2019 and beyond. By focusing on specific use cases tied to Novarica’s Three Levers of Value (“Sell More,” “Manage Risk Better,” and “Cost Less to Operate”), insurer data and analytics leaders can help set expectations and measure the business value of their initiatives. In a new report, Data and Analytics in Insurance: Building the Business Case, research and advisory firm Novarica provides survey data showing where insurers are deploying analytics and case studies of more than a dozen successful analytics deployments that have resulted in quantified or clearly defined business value.

“Carriers that embark on a data and analytics journey without taking a value-based use case approach are at risk of not generating the positive profit impact that they expect. They may even find that their executive sponsorship and funding dry up,” said Eric Weisburg, Vice President of Research and Consulting and co-author of Novarica’s new report. “By focusing on areas of value creation upfront, insurer analytics leaders can protect these investments by setting expectations appropriately.”

A preview of the brief is available online.

Building the data & analytics business case (Novarica)

Building the data & analytics business case (Novarica)

Summary:

Insurers recognize the value that data and analytics offer but can have challenges quantifying or realizing that benefit. By focusing on specific use cases tied to the Three Levers of Value (“Sell More,” “Manage Risk Better,” and “Cost Less to Operate”), insurer data and analytics leaders can help set expectations and measure the business value of their initiatives.

This brief includes survey data showing where insurers are deploying analytics and case studies of more than a dozen successful analytics deployments that have resulted in quantified or clearly defined business value.

Click here for the table of contents or to access the report.

About Novarica

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 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: Novarica

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