In the report, Insurance Analytics: Organizing Analytics capabilities to get value from Data Analytics solution, Deloitte noted an observation that EMEA insurance firms are struggling to see a positive business case on data analytics solutions. Deloitte affirmed that insurers face multiple challenges that prevent them from reaching the potential of Data Analytics.
Data and analytics are becoming a key differentiator in insurance, especially in underwriting and claims handling. Novarica says it is crucial for technology leaders to harness the power of artificial intelligence, machine learning, and third-party data sources. It is equally important that technology leaders to foster partnerships between technology organizations and analytics teams—doing so may mean the difference between implementing innovative solutions or traditional ones, between deriving value from operationalizing analytical insights or not.
In a new CIO Checklist report, Building IT/Analytics Alignment, Novarica provides a guide for IT leaders to build and strengthen relationships with analytics units in their organizations.
“When they work together, technology and analytic teams can combine the benefits of their respective disciplines to co-create new products or capabilities not otherwise possible if each discipline kept to their swim lane,” said Deb Zawisza, vice president of Research and Consulting, and author of Novarica’s new report.
“As technology continues to advance in the analytics space, a well-aligned IT and analytic organization can take advantage of technology advances in the analytics space more effectively than those at insurers who keep them separate.”
This article was first published on Questex, on 7 February 2019. Information is correct at the time of publication.