The business of insurance is constantly changing and evolving. As society grows and trends in differing directions, so too must the insurance industry read and react to what goes on around it. The industry can be a step behind if it is unable to quickly react or digest enterprise data. This delay is a vulnerability which can be exploited in the wrong hands, leaving the door open to fraud.
Data is one of an organization's most valuable resources, as CEOs, CIOs and CFOs are rapidly learning. According to recent industry studies, insurance carriers are implementing more complex technology and analytics at a faster pace than ever before. This increasing investment in technology is part of an overall insurance industry investment trend to leverage "big data" resources. Having these capabilities has fast become a top organizational priority because of how data analytics drive improvement opportunities to all aspects of business operations.
Given this environment, it's no wonder that data analytics has broken through to the mainstream so quickly. However, data is a "raw" resource and needs to be drilled, mined and processed into a useable commodity for its consumers.
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