Karlyn Carnahan, today a principal in Novarica's insurance practice, recalls that when she was a senior executive at an insurance carrier 10 years ago, “business intelligence” meant getting a box of reports.
“I wouldn't get another update for at least a month,” she says. “It was difficult to match policy to claims data, and if I needed a unique report, I'd have to commission one from IT,” she says.
But waiting until next month is no longer an option in today's insurance marketplace. “Insurance companies need to use underwriting and claims intelligence to gain advantage in the market,” says Michael Ferguson, managing director of UK-based Intelligent Business Strategies. “They obviously are keen on keeping their costs down. That means they have to avoid insuring high-risk [accounts], and they have to make sure that rating is correct.”
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