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Is Your Business Intelligent?

Life is so much better when you have the data to make smart decisions.

By George Grieve | Updated on April 30, 2012

Insurance is a business with as many stats as baseball. We don’t make products, we make promises. Those promises are recorded and stored as electronic data. In a very real and important sense insurance is a data-based “industry.”

And yet, until recent years, many carriers ran with minimal information about the effectiveness of their various business operations—underwriting, customer service, distribution or claim handling. Indeed, companies struggled to produce basic financial reports, accurately estimate their claim liabilities or state their reinsurance recoverables. The reasons for this sad state of affairs were several and included operational core systems with inadequate data stores, multiple operational core systems with differing data meanings that were difficult to reconcile and balance, multiple manual steps where data would be transferred and manipulated (often with errors), and an almost complete lack of reporting and analytical data storage and reporting.

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