Like many other technology initiatives, insurance carriers took their cue for data warehousing from financial institutions. Several years ago, banks began to dabble in warehousing campaigns geared to enhance strategy.As many carriers now begin to explore the marketing of bank products and services, they too are faced with the task of improving their cross-selling abilities via warehousing. But if history serves as an indication, they have their work cut out for them.
A report by Hartford, Conn.-based Conning & Co. chronicles numerous warehousing failures. The report, "Data Warehousing and Mining in the Insurance Industry: Floods of Information, Fountains of Knowledge," states that as many as 90% of all insurance-related warehousing initiatives have ultimately proven unsuccessful.
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