SAS: Building a Strategic Analytic Culture
Posted: 5 February 2014 | Source: SAS
The insurance marketplace is tough.It’s fiercely competitive with consumers shopping around for the lowest premiums possible and little differentiation among products.
Insurance executives struggle to find the right balance between improving profitability and providing competitive pricing and an unmatched customer experience.Activities that focus on the customer experience – like claims concierge services and enhanced agent support – can run counter to goals like lowering loss-adjustment expenses, reducing labor costs and decreasing combined ratios.
The key to achieving this balance is an enterprisewide commitment to data and analytics.Such a commitment will enable you to:
- See problems coming and take steps to prevent them instead of being reactive and constantly fighting fires.
- Foster a culture of fact-based decision making through all levels of the organization.
- Deliver trusted information into the hands of decision makers in time for them to take action.
- Build a strategic analytic culture where analysis is part of your corporate DNA.
These goals, though lofty, are achievable – and necessary for organizations seeking to survive and thrive in today’s economy.In this paper, we’ll talk about how you can build a strategic analytic culture in your organization.
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