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Turning Data Into Information: Business Intelligence In Insurance (Strategic Focus)

Published by: Datamonitor

Published: Apr. 1, 2009 - 9 Pages


Table of Contents


Overview
Catalyst
Summary
Key Messages
Insurers are facing a laundry list of challenges that BI can help mitigate
A confluence of factors is driving adoption among small insurers
Meet the needs of the SME market with pre-built offerings and Software as a Service
An opportunity exists to move large insurers from point solutions to enterprise-wide solutions with rich capabilities
Spending on BI will slow in 2009, however fraud, risk and compliance will maintain medium-term growth
Table of Contents
Table of figures
Market Opportunity
Insurers are facing a laundry list of challenges that BI can help mitigate
Customer intelligence
The business problem
The technology opportunity
Compliance
The business problem
The technology opportunity
Enterprise performance management
The business problem
The technology opportunity
Financial analytics
The business problem
The technology opportunity
Fraud
The business problem
The technology opportunity
Risk
The business problem
The technology opportunity
Several pockets of growth exist for BI within the insurance sector
Moving large insurers from point solutions to enterprise-wide solutions with rich capabilities
A confluence of factors is driving adoption among small insurers
Life insurers are becoming increasingly interested in BI
Spending on BI will slow in 2009, however fraud, risk and compliance will maintain medium-term growth
Impact on the Insurer
Democratizing BI can lead to improved performance and can be driven by different pricing strategies
A shared services strategy enables an enterprise view
What the vendor consolidation means for insurers
Go to Market
All-in-one vendors should highlight the value of an end-to-end solution but not neglect to position themselves as stand-alone solutions
Specialized vendors should remain focused and seek strength through partnerships
Meet the needs of the SME market with pre-built offerings and Software as a Service
Vendors preach but do not often practice targeting customers based upon lifetime value
Recommendations
Sell to the business and not to the IT department
Continue to improve and highlight mobility features
Specialist vendors should innovate with agility
Develop enterprise wide deployments one department at a time, if need be
Understand your customers' businesses
APPENDIX
Methodology
Further reading
Ask the analyst
Datamonitor consulting
Disclaimer
List of Figures
Figure 1: BI has a role to play in meeting today's challenges
Figure 2: BI maps onto the key objectives of insurers
Figure 3: Current and projected adoption of BI functions, by insurers with 5,000+ employees
Figure 4: Outlook for BI investments, broken-down by insurer size
Figure 5: Projected BI spending by non-life insurers, 2008-2013
Figure 6: Projected BI spending by life insurers, 2008-2013
Figure 7: Shared services framework
Figure 8: Current SOA adoption, broken down by sector
Figure 9: Software as a Service usage, by employee size

Abstract

Introduction

The insurance market is facing short and long-term challenges. In the short-term, weak demand and paltry investment income, plus elevated levels of fraud, will negatively affect profits. Longer-term issues include: the need for robust risk models; new products and distribution channels; and a structure that can effectively comply with regulations. BI tools can help meet these challenges.

Scope
  • This report discusses the challenges and opportunities among both life and non-life insurers.
  • This report applies to global insurers; however, many of the regulatory issues that are discussed are W. Europe and N. American focused.
Highlights

While point solutions are valuable, today's large insurer managing multiple risks over an expansive geography needs a complete view of the operation. The insurer that is able to garner such a view will be better able to be proactive instead of reactive to changing market conditions.

The combination of market drivers and technology accessibility has heightened small insurers' interest in BI. 62% of insurers with fewer than 1,000 employees are planning to increase their investment into BI. This segment of the market outpaces all of the other segments by a fairly wide margin.

In 2009, spending on BI by non-life and life insurers is expected to slow to 4.4% and 3.9%, respectively, thanks in large part to the global economic environment. By 2010, non-life spending on BI should return to nearly 7% annual growth, while life is expected to register at 5.4%.

Reasons to Purchase
  • Gain an understanding of the market conditions facing both life and non-life insurers.
  • Understand the market size and opportunities for BI in insurance.
  • Explore different go-to-market strategies and how they can be deployed to meet the needs of different insurers.


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