ROI.
Who would have thought three letters could create such grief? But lets face it: If the sky was ever the limit for IT budgets, it sure hasnt been for some time. Execs signing off on data warehousing projects want to see results, and fast. Unfortunately, that doesnt fit well with the historical model of data warehousing, with its multi-year timeframes and high costs. Todays economic realities have caused many insurers to shift their data warehousing efforts to projects that have more immediate and clearly defined financial or operating impact. Those realities also have driven the development of some economic strategies on which economically successful warehousing projects develop. For a guide to tried and proven tactics, read on.
1. Focus on impact analytics that save or make money. Like any business, insurance looks to increase revenue and reduce expenses. Meeting these objectives requires focusing on customer and producer analytics for such goals as gap analysis, distribution channel efficiency and profitability, and targeted marketing, as well as finding ways to cut operational and claims costs and cancel business thats likely to be unprofitable.
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