Kelly Preston, data analytics manager, SilverBridge.
Despite advances in business intelligence (BI), insurers are finding it difficult to reconcile numerous data repositories and gain a unified view of the customer.
A recent Dresner Advisory Services study has found that reporting, dashboards, advanced visualisation, and end-user self-service are the highest priority initiatives in organisations looking at using BI as a platform for growth. In the customer-centric insurance industry, these will be instrumental as companies seek to adapt to the evolving business environment.
Perhaps most telling is that organisations will be basing their BI initiatives on apps that support traditional statistical methods. It is therefore not a case of ignoring what has come before, but rather taking those learnings and combining them with new approaches for more specific product differentiation.
With an estimated 2.7 zettabytes of data existing in the digital world today, the importance of becoming more efficient at analysing it cannot be ignored. Companies are aware that data sources are increasing at an exponential rate thanks to the likes of mobile and the Internet of Things. Equally, this results in needing to differentiate between quality data that adds business value and ‘dirty’ data that detracts from it.
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Source:: IT News Africa