For any modern business, analytics are the backbone behind every strategic decision, driving underwriting, claims and distribution, product development, campaign targeting and product promotion. It is vital to adopt an analytics-driven approach at an organization-wide level in order to remain profitable in an increasingly competitive market.
In many cases, insurance firms are in the process of or have already established a culture within the business often coined ‘Centers of Excellence’ or ‘Analytics Competency Centers.’This culture as a supporting function of the business runs the risk of the analytical focus being fragmented and disconnected from the strategic corporate vision. Little progress is made when vital time taken to make a decision is lost due to interpreting the context of results across the full value chain. Information needs to be in the hands of all decision-makers, not waiting to be deciphered by business analysts compartmentalized away from the frontline and operational sides of the business.
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