How to Overcome
the Problems of
Collecting and using data is essential for any competitive business, but the process – known as Analytics – is often plagued with problems. This doesn’t have to be the case.
Most insurance companies understand the advantages that Analytics brings to the table: increased efficiency, greater accuracy, improved turnaround and customer service, streamlined reporting, to name but a few of them. However, many Analytics initiatives have failed for a number of reasons, ranging from lack of executive sponsorship to bad architecture design decisions. At the heart of the issue is the fact that many consider Analytics to be a technology problem. In actual fact, technology is not the problem. Analytics is a business dilemma, one that demands the buy-in of CEOs/CFO/s and Chief Risk Officers.
This article revolves around the central idea that when seen as a business issue rather than a technology problem, the problems that can plague Analytics are easily avoided. It begins by analyzing what an Analytics program should be delivering, regardless of how it is developed and implemented. Having laid this out, it then presents, in some detail, the means for achieving the goals of Analytics, step by step.
This article is a must-read for anyone tasked with the responsibility of developing (or reconfiguring) an Analytics program.