As insurers begin to look at leveraging their data across all business units to make more effective and efficient business decisions and identify cost reduction opportunities, data mastery investments become critical. A new Celent report indicates that business intelligence and analytics continue to be one of the top three budgeted items and priorities for insurers across all insurance business and geographies. And, insurers looking to maximize their data mastery investments should begin with defining their data mastery (BI/analytics) strategy and making sure it is aligned with their business goals and objectives.
The report, “Data Mastery Spectrum Overview 2012,” says the current data mastery space in insurance continues to mature and focus on complete solutions. Most vendors provide an integrated data mastery suite solution, offering ETL, data warehouse/data mart, analysis server, BI presentation layer, and some level of BI content, such as insurance data models, dashboard and report templates, KPIs, etc., which was not the case three years ago, according to the report. Most systems today provide some level of transactional analytics and dashboards; however, insurers that are succeeding are looking at their data mastery efforts from an enterprise perspective and definition.
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