Insurance carriers have accumulated massive amounts of data over the years, which can present a daunting task when it comes time to turn that data into business intelligence (BI). That’s why Deloitte Consulting principal John Lucker believes carriers must conduct a proper data inventory if they haven’t done one already.
“It’s not just a matter of what comes off the top of their head,” says Lucker. “But looking throughout the organization for non-traditional data and in particular in-house data they have purchased or they have licenses for that might be useful for them.”
Lucker maintains it’s important for carriers to be thoughtful and holistic in determining what they want to accomplish with the business intelligence project. Once they design the docket of work to determine what specific BI findings they hope to discover, it’s important to anchor that work to a cost-benefit analysis.
Lucker believes the term business intelligence is often misused or overused.
Lucker believes BI has become universal throughout the insurance industry.