Insurance executives struggle to find the right balance between improving profitability and providing competitive pricing and an unmatched customer experience. Activities that focus on customer experience can run counter to goals such as lowering loss-adjustment expenses, reducing operating costs and decreasing combined ratios. The key to achieving the right balance is an enterprisewide commitment to data and analytics, which fosters fact-based decision making, delivers trusted, reliable and timely information for users to act on, and builds a strategic analytic culture.
While strategic technology investments are required to bring an analytic culture vision to fruition, moving your organization in this direction entails more than just technology. For those insurers who want to move forward on their analytics journey, building a strategic analytic culture starts a proven and achievable path.
Step 1: Obtain management assurance
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