Business intelligence (BI) is all the rage these days, with vendors touting solutions to gather and analyze information about our companies and our customers to help us make better decisions. In this continually flaccid economy, it seems obvious that this should be a priority for insurers, but a recent survey indicates carriers just aren’t getting the job done when it comes to BI.
In the latest issue of IASA’s Interpreter magazine, Deb Smallwood, founder of SMA Strategy Meets Action, reports on her firm’s survey of 200 IASA Educational Conference and Business Show registrants regarding the progress of technology in insurance. Among the findings: The area with the most failures and lowest adoption rate is technology related to data enhancement applications, business intelligence and analytics. So it seems that while BI efforts are being made in insurance, the success rate of such initiatives has not been significant.
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