It's the long-sought holy grail of the decade for insurance companies: to be able to “compete on analytics,” by having access to boatloads of data that can be quickly converted into actionable information that helps executives—and machines—make the right decision at the right time.
In a recent report, Nucleus Research outlines the four stages of evolution that bring most organizations to the brink of an analytics-driven culture. The good news is that as the organization advances to the next stage of analytics, ROI dramatically increases for many reasons. For example, the deeper a company moves into analytics, the more employees’ work practices improve “as they increasingly embrace analytics as a way to make better decisions and incorporate more data into their analyses." Of course, decision making also improves, “as analytics is embedded into more processes and enables employees to base their conclusions on data rather than intuition.”
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