X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

Business intelligence projects can come into play across most of the functional areas of an organization, according to Steve Callahan, practice director for Robert E. Nolan Co. Today, BI tends to apply to dashboards and executive scorecards, but Callahan believes the industry is shifting to more predictive analytics, the next generation of BI, which he feels gives organizations the opportunity for competitive differentiation.

“I loom at analytics almost as a cube with three dimensions,” says Callahan. “One dimension is the type of analytics—it can be trends, ratio comparisons, scenario models, simulations, sensitivity analysis. The second dimension would be the functional area it’s applied against—agent effectiveness arena, market profiling, product performance, underwriting risk or the most common area, claims. The third dimension is the depth of the data. Here we look at the top level being the scorecards and the dashboards. You start drilling down to greater detail and the detail across variables as opposed to the density around a given variable.”

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

 

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.