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
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
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.
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
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