Data virtualization and visualization: The brain behind the smart insurer
Business intelligence must be actionable – relevant and real time. Does your data deliver results?
How do you convert the deluge of disconnected data into insightful information that works effectively for you? Increasing competition, need for better customer service and a faster pace of business are demanding unprecedented agility from insurance companies. Prioritizing data and making it available in real time as actionable intelligence that drives agile business decision-making is critical.
80% of an insurer’s of an insurer’s business intelligence (BI) effort is focused on making information available to decision-makers whereas only 20% goes into speed and form. The result is reactive decisions that leave the company 'flat-footed.' You need innovative solutions to analyze data and respond proactively, as a result – anticipate customer requirements and create whole new opportunities.
What if you had faster and easier access to actionable intelligence?
Change and competition are business constants. To take these head-on and stay ahead, your organization needs real-time agility for smart decision-making – always. This is where disruptive technologies like data virtualization and visualization give you an edge:
- Data virtualization is a quick and efficient data integration method that enables consumption of information from multiple disparate systems.
- Data visualization equips you with insight into this information through customized and impactful visuals – graphics and dashboards.
Each of these is powerful in its own right. But combine the two and you get actionable intelligence in one-third the time. So far, not many insurers have leveraged the synergy between the two technologies. However, companies are using analytics to maximum advantage. Those competing on analytics are outperforming peers that don’t by more than 220 percent. With data virtualization and visualization in place, your data delivers results.
Consider the case of an insurance agency. While senior leadership wants a ‘geographical’ view that will help monitor agent performance, managers need a ‘product-level’ view to analyze performance. And marketing seeks ‘operational’ information, so they can act on campaign performance. Different decision-makers require quick and easy access to targeted, relevant information.
What are the next-gen capabilities insurers are looking for?
Data virtualization and visualization may be game-changing technologies. However, it is critical that insurers adopt the right approach and leverage the right technology mix to realize untapped efficiencies. Moreover, attaining agility and taking accurate decisions demand an alternate approach to data architecture and information management processes.
This next generation of data analytics involves:
- Defining persona-based information needs
- Virtualizing data warehouses that minimize extract, transform, and load (ETL) processes
- Using visualization tools for customizable real-time information through user-friendly views
A range of critical functions such as product design, agency performance management, channel optimization, customer analytics and fraud, and risk management can benefit from actionable intelligence delivered in an easy-to-analyze and intuitive format. Deploying these can significantly enhance your decision-making capabilities and help achieve meaningful differentiation.
Taking the transformation journey – from data to decisions
With our expertise and experience, we deliver a winning advantage. We are with you at each step, assessing the information landscape, establishing a roadmap, enabling data virtualization and visualization and setting up a center of excellence complete with data scientists and visualization experts, backed by contemporary technology.
Our unique approach improves your return on investment (ROI) by:
- Consolidating data sources into a virtualized environment
- Building logical data warehouses in one-third of the time
- Integrating best-in-class functionalities from leading vendors
- Customizing visualizations with pre-built models
Glean insights for business decisions
Architecting the real-time enterprise: Dynamic auto insurance