How effective are insurers in sorting through the mounds of information they possess to make insightful decisions?

Since insurers are intrinsically in an information business, itstands to reason that data collection and analysis is of paramount importance. Historically, insurers have struggled to trust decisions based off analysis of data from their legacy systems because of deep concerns about the quality of the data. And, as carriers bring online more and modern software systems, the data within them can accumulate at a mind-blowing, geometric rate. 

An enormous pile of information can be very intimidating, but carriers can find effective and efficient ways to take advantage of the valuable secrets lurking within.  Here are two key areas where certain, specific practices and technologies can markedly increase an insurer's odds of data analysis success.

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