Better data utilization and analysis results in better performance for insurance organizations.
In a recent research note, I referred to data as the DNA of an insurance company. While I thought I was being clever, I actually missed the broader implications of the analogy. The point was that just as DNA helps define the molecule—which becomes the cell that forms the tissue that becomes an organ that leads to a body—so too does data help define the information that leads to the tasks that become activities that are part of processes that define business operations. From an operations standpoint, good data is a key building block for cost-efficient and organizationally effective insurance transactions.
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