Why Insurers Are Getting Smart About Business Intelligence
That's why more and more insurers are investing in Business Intelligence (BI) to gain more comprehensive knowledge about their customers, products and services, employees and overall company performance. These BI initiatives are enabling these firms to become more innovative, cost-effective, agile and responsive to the very dynamic financial services market within which they operate. This same dynamic marketplace, in fact, is posing a risk to insurance companies that do not capitalize on their information assets as a competitive weapon. Mergers and acquisitions are narrowing the industry base to create large insurers and integrated financial services firms, even as smaller, nontraditional and Internet-based companies jockey for position.