The Adaptable Insurer: Oxymoron or Opportunity?

Date: January 22, 2011
Pages: 18
Price:
US$ 1,895.00
Publisher: Ovum
Report type: Brief Review
Delivery: E-mail Delivery (PDF)
ID: AB4A9A24991EN
Leaflet:

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The Adaptable Insurer: Oxymoron or Opportunity?
Introduction

It is too easy for insurers to fall into the trap of thinking the answer to competitive success lies in becoming more informed. Being informed is necessary but not sufficient. The answer to the pressures insurers face now and in the future centers on insurers becoming adaptable very quickly.

Features and benefits
  • We discuss how insurers are planning to allocate their IT investments to business intelligence (BI) in 2010/11.
  • We discuss specific examples of how insurers are using BI solutions from four specific technology vendors.
  • We discuss how major insurance business functions provide a palette of BI possibilities.
Highlights

Adaptability is about being open to risk, failure, and questioning the external environment and internal operational initiatives. Adaptability is learning and quickly responding. Therefore adaptability is about being informed, but also requires cultural acceptance of risk and organizational flexibility.

Your key questions answered
  • Why is adaptability a critical competency in the digital marketplace?
  • What are the three key questions insurers must be able to answer about adaptability?
  • Which BI capabilities can be used to better manage longitudinal questions - what has happened, what is happening , and what will happen in the future?
SUMMARY

Catalyst
Ovum view
Key messages

THE POST-CRISIS MARKETPLACE DEMANDS ADAPTABILITY

Insurers must be able to answer three questions about adaptability
Adaptability is needed to compete successfully in a volatile marketplace

THE PATH TO ADAPTABILITY IS BUILT ON BEING INFORMED

Insurers are planning to allocate IT investments to BI
  Business Intelligence heads the list of IT investments
  Customer retention is the primary driver for the application of BI solutions
  Investments of time are the greatest inhibitors to a successful BI implementation
  Insurers are considering BI initiatives beyond traditional applications

INSURERS MUST HAVE A MIX OF ENTERPRISE AND DEPARTMENTAL BI INITIATIVES

Select examples of BI applications being implemented by insurers
The major business functions provide a palette of BI possibilities

RECOMMENDATIONS

Recommendations for insurance companies
Recommendations for vendors

ALTERNATIVE VIEWS

Going to market without being adaptable

APPENDIX

Further reading
Definitions
Methodology
Author
Ovum Consulting
Disclaimer
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