As competition from other financial service providers and pressures from customers and regulatory agencies continues to mount, insurance companies are forced to explore ways to improve operational efficiency and cut costs without sacrificing customer service.
The volume and complexity of information collected by, or available to, most organizations has made its effective use difficult; even as managers and regulators demand faster answers to deeper questions. Business and information technology professionals have turned their focus to data mining and predictive analytics, a process that uses a variety of analysis and modeling techniques to discover patterns and relationships in existing data using the insight to make accurate predictions.
Predictive information is a powerful tool for managing the performance of the organization, both in avoiding risk and recognizing and capitalizing on opportunities.
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