An Insurer Super Power?
A new pilot show called Powerless, which is being called “The Office, but with superheroes” by Deadline Hollywood, apparently features a fictional insurance company.
“Based on characters from DC Comics, Powerless is a workplace comedy set at one of the worst insurance companies in America — with the twist being that it also takes place in the universe of DC Comics. The show is about the reality of working life for a normal, powerless person in a world of superheroes and villains.”
Obviously none of the readers of Sapiens Spotlight can relate to working for the worst insurance company in America! But some life, annuity and pension insurers do understand feelings of powerlessness, especially when it comes to extracting value from their data. This is why more than 70% of insurers are planning major enhancements to their business intelligence and analytics capabilities, according to Novarica.
Today’s insurers are coping with mountains of data. They are trying to glean actionable insights from this data to formulate their companies’ strategies, decide which new propositions to bring to market and obtain crucial market intelligence. Without effective analytics, life insurers become reactive and cannot effectively prepare for new trends, costing them their competitive advantage.
When information is trapped in separate silos and not synchronized, insurers can’t benefit from a deeper, more meaningful analytics experience across all levels and roles of the organization. There is a growing recognition of the need to manage a data-driven decision philosophy and approach across all operational levels, from executives to team leaders.
The answer isn’t to rush out and buy the first analytics/business intelligence offering you see, because not all offerings are super. Implementing innovative analytics systems is a substantial challenge, which requires producing the right data models and marrying them to the right logical structures, tailored for insurers – with full integration to the core business systems.
It’s important that analytics propositions are designed and tailored specifically for the life insurance industry, so that insurance carriers benefit from best practices and enjoy powerful analytics that are compatible with their business and supply real business insights based on actual data. An effective analytics offering intelligently stores and unifies data, while also providing insurance-specific tools for information mastery and data-driven business decisions based on advanced visualization of data. These tools empower business users to easily and rapidly draw business conclusions and insights from raw data, via self-service analytics.
That’s real power…