The last instalment in our EiB Insights series, explored how our EiB Insurance Analytics solution allows you to access your raw premiums and claims bordereau and automatically transform this into powerful MI, without the arduous task of manually handling your data. Our focus now turns to the pertinent topic of what happens when your raw data is in fact erroneous data. After all, if the base data is flawed, then regardless of
It’s that reporting time of the year, which means you’re most probably looking down the barrel of at least a few tedious days going line by line through data sets, trying to get a semblance of a picture of health for the powers that be. Say hello to your trusty friend Excel, that all-pervasive tool of data crunching that we all know, love and sometimes hate! And because we’re all so familiar with Excel, we’re also wise to its issues –
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
The vast majority of business leaders now know that to achieve truly sustainable growth, they need to double-down on digital transformation. But a recent report by Forrester, on behalf of Microsoft, shows that digital transformation is not enough on its own. “Enterprises that fail to build out a full digital transformation strategy miss out on the big picture,” the report states. “ Those pursuing a limited digital transformation strategy tend to focus on smaller, more tactical initiatives
Today, even with innovations in, BI software, financial reporting, management reporting and self-service analytics applications, monitoring every aspect of your business is still too complicated. It’s essential for you to use the right tools to track your business performance effectively, yet there are dozens of different software applications and approaches on the market, making choices confusing, complicated and all too often costly – especially as your user population grows. With the majority of businesses trying to manage and present data from
EiB Insights is a series of bite-size videos curated by Excel in Business’ Managing Director, Paul Martin. As the InsurTech revolution continues to evolve, with exciting new technological advances disrupting and evolving the industry, for many organisations, embracing a digitally driven future is not a straight forward proposition. The first EiB Insights series seeks to explore the real World issues and challenges which businesses operating in the Insurance industry face, within an
It’s all well and good saying that you already have a ‘BI reporting solution’ in place for your business, but the truth of the matter is, that a reporting solution for advanced analytics alone quite simply cannot realise the true benefits of business intelligence for your organisation. The reality of the situation is, that in order to harness the full potential of BI, you first need to ensure your approach is more of a methodological process. Once this is established,
Bad data…I feel your pain. But there is light at the end of the seemingly dark tunnel… Having worked with countless insurance companies over the years, I am pleased to assuringly inform you that the future of MI is a lot less daunting and time consuming as you all may think! Here are a few insights which I have gained as to why I believe this to be… Full Automation Of MI Sounds obvious, but I what I have repeatedly witnessed in
At BIBA 2017 we conducted a survey of 60 Brokers, Insurers and MGAs, as part of our ongoing research into Management Information in the Insurance Industry… With the insurance industry so reliant on its data for writing profitable lines of business, and the looming regulatory changes that are set to demand increased data transparency, the findings from our survey were quite alarming… It may not come as a surprise to you that a resounding majority of respondents acknowledged the accuracy of
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