Sizzling' Just Sizzlin'

Bacon crackling in the pan, drippings from the steak on the grill … just sizzling.

Just like analytics for the insurance industry. Sizzlin’ just sizzlin’ …

And why not? Insurance is nothing but information flowing amongst and between the value chains that keep the business operating, that enables executives to make better informed decisions, that strengthens product development and … Well, you get the idea.

The insurance company is an information factory. It creates information. It consumes information. Information is the very life-blood of the insurance company.

BUT…

But do insurance executives realize the power of analytics? Are they merely running reports to test or present existing hypotheses?  More importantly, are some of the insurer’s more talented quant jocks creating new hypotheses? Or even better, immersing themselves in the data and using analytical tools that enable hypotheses to emerge?

Have insurance executives realized the power of spatial information management? If not, how effective or efficient can their placement of agencies or brokers be in their field management decisions? Are the insurers marrying demographics, psychographics and spatial information into a coherent perspective to develop products better pinpointed to specific territories meeting both policyholder and producer needs?

Have insurance executives realized that data encompasses not just digits but also documents? Content management is critical to coherent analytical decision-making.

But a recent article in TechDecisions discusses the sad fact that analytics is not as far along as it really should be [my opinion].