In a data and analytics survey conducted by the Economist Intelligence Unit, only 13% of insurers surveyed identified enterprise-wide data management and warehousing as a significant strength in their organisation, while 82% ranked data and analytics as a top strategic priority.
So, while increasingly more insurance companies continue to invest in modernising their technology architecture, as a means of embracing the cultural shift to a digital age, most still find their efforts have fallen short of both their needs and expectations when it comes to Management Information (MI). Instead, research seems to show that the MI aspirations of most organisations within the insurance industry only continue to be met at a superficial level.
That said, it is fair to say that the insurance industry can no longer continue to merely adapt their existing systems and business models to overcome this data management conundrum. And it is this reason alone which has been the main motivator behind our tireless efforts over the last 5 years, to grasp the complexities of what is truly required to produce, validate and audit quality MI, in order to develop a reliable solution which allows MGAs, Underwriters, Brokers, Insurers and Reinsurers alike to effectively harvest and harness their enterprise wide data, and improve their efficiency, profitability and overall business performance.
Our EiB Insight Series seeks to address the MI challenges currently faced across the insurance industry, with the second instalment exploring how you can transform your base data, such as premiums and claims bordereau, into competitive edge, using our EiB Insurance Analytics solution.
For more information on how our EiB Insurance Analytics solution is revolutionising the way MGAs and Underwriters are able to produce automated, accurate and reliable Management Information contact us today.