In these turbulent times, where the competition is very intense, insurance companies are trying every
trick in the book for garnering new business as well as for customer retention.
The following are some major challenges the insurance companies are facing today:
1. Constant innovation on the product and features front: to stay in the game the insurance companies need to launch new products, introduce new features in existing products at a very fast pace
2. Very little time to market: Ideate, Design and Deploy new products or new features to existing products within a short time span
3. Broaden the sales scope - agents, call center, internet, mobile applications
4. Manage risks.
5. Respond quickly to every changing regulatory policy.
To quickly and more importantly, correctly, make decisions regarding a product or a new sales channel,
historic and extrapolated data are required. This information is provided by the company's Data
Warehouse or Business Analytics group.
Leading organizations are increasingly turning to business analytics as a key means of survival. Business
analytics solutions are being used by insurers to reduce the time required to react to competitive
pressure, to respond efficiently to market changes, to increase effectiveness of business managers in
improving financial results and driving value for the organization, to more effectively manage the many
risks the enterprise faces, and to improve the precision and efficiency of operational decisions.
Business intelligence is an Information Technology platform that includes performance monitoring,
performance management and performance enhancement tools and applications, as well as data