The mere mention of a data warehouse has often caused even the most unflappable insurance carrier executive to break out into a cold sweat.In recent years, the failure rate of data warehousing projects in the insurance industry has been a dubious distinction, owed in no small part to insurers' inability to effectively plan and execute such projects. Considered "data rich yet information poor," insurers have struggled to create data warehouses that can truly tap into the power of their customer data.
But an emerging initiative known as business intelligence-on which data warehousing serves as a cornerstone-may be helping insurers put these responsibilities in better perspective. Business intelligence has become a rallying point for insurers to rededicate themselves to best-practices data warehousing, data mining and data cleansing, strategies marked by clearer visions and higher hopes.
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