The continuing hype around “Big Data” is focusing ever more attention on insurers’ data management and BI capabilities. Analysis of data, creation of predictive models, and the ability to take action based on the outcome of those models has always been at the core of the insurance industry. But BI tools and platforms, big data technologies and the availability of data analysts and scientists is spurring interest and adoption even further.
On Friday, Lis Maguda and I published the updated Novarica Market Navigator report on Business Intelligence Solutions for Insurers that profiles the solutions and tools in this space. The report contains a brief profile of each vendor solution: 4Sight Business Intelligence, Cover-All, Guidewire Software, IBM Corporation, InEdge, Information Builders, Innovation Group, InsFocus, Insurity, Microsoft, Policy Administration Solutions, SAP, SAS, SNL iPartners, Tableau Software, and Yodil. Most of the solutions profiled in this report provide insurance-specific models, dashboard, and reports. A few offer industry-agnostic tools to enable the insurer to develop their own custom BI environment, and a few others offer both tools and insurance data models/visualizations. All offer products that can accelerate delivery of a robust BI environment.
Business intelligence continues to be one of the most common areas of investment for insurers. The rising tide of Big Data threatens to overwhelm enterprises that have not yet gotten the most out of “little data” (structured enterprise data). Implementing a comprehensive analytics and business intelligence environment is a major step on the road to data mastery. Many insurers recognize that leveraging internal, external, and big data is the key to improving their business performance, and are investing accordingly. This report can assist insurers in assessing the options for enabling this critical capability.