Mark Gorman begins his research report on how leading insurers are leveraging business analytics with a little anecdote: “It started as most things do, rather innocently – a simple research project on the use of business analytics in the insurance industry. The three gentlemen on the research interview call were adamant. “We know we have a ways to go, but we’re getting there. We’re making progress. We’ve come a long way.” My question in return was straightforward: “How do you define ‘there’ and how will you know you’ve arrived?” After several seconds of silence one of them said, “That’s a good question …”
This report is an attempt to answer that question based on interviews with 15 thought leaders in business analytics in the insurance industry. These individuals, all with significant experience in using or managing business analytics in their organizations, shared their insights and expertise in describing the cultural, organizational, technological and personnel challenges and changes required for their organizations to more broadly adopt business analytics.
Gorman says his goal with this research project was not to describe what the insurance market is using business analytics for, but how the use of business analytics is changing the insurance market, and what organizations need to consider to make that transformation more powerful, more palatable and more profitable.
He covers topics such as the different flavors of business analytics, the cultural issues that inhibit the rapid adoption of business analytics, and how to deal with staffing and structural issues. Find out how the lively debate among 15 insurance-industry thought leaders on those subjects turned out and what conclusions Gorman reached by reading the full report.
Download the white paper: Best practices for leveraging business analytics in today’s and tomorrow’s insurance sector