Of all the trends set to impact the insurance industry in 2012, the wide use of business analytics across the enterprise was likely the easiest to foresee.
As readers of these pages undoubtedly know, insurers across the industry have spent many years and much lucre building out data warehouses and investing in business intelligence and predictive analytic platforms. Martina Conlon, a principal in insurance practice at Novarica, says with organic growth strategies and expense reduction among the top business priorities for insurers, effective use of analytics is becoming table stakes across the industry. "You are at a competitive disadvantage if you are not leveraging your data," she says.
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