6 Ways to Optimize BI Investments
As part of a holistic, business-driven approach to business intelligence (BI), these six actions can help insurers optimize the inherent value in the “last mile” of business intelligence investment, according to Michael Costonis, executive director of Accenture’s Insurance practice for North America.
Images courtesy of Thinkstock.
Insurers have spent hundreds of millions of dollars on business intelligence over the past 10 years. However, carrier information remains disjointed, conflicting, slow and backwards-looking. Frequently, the report outputs from the old systems were simply migrated to new systems.
Having moved from data gathering to data reporting, executives and managers now receive either too much or too little information, but not actionable insights on customers. While increasing data accuracy is an important milestone, the goal is to enable more efficient and profitable operations.
To achieve the desired ROI from BI investments, insurers must provide the right information to leaders in a timely manner and in a format that helps them analyze, evaluate and react to changing market conditions. This means infusing governance, monitoring and compliance throughout the managed data life cycle. It also means having well-designed reporting outputs that offer holistic views of data with appropriate drill-down and intelligence.
Through six actions, both life and P&C insurers can gain more insight and value from their BI investments.
