Ventana Research has completed research to benchmark organizations' use of Insurance analytics. The research assessed organizational maturity by examining the adequacy of people, process, information and technology competencies required to make the most effective and efficient use of analytics. The findings offer significant new insights into how analytics and the measures and metrics they provide are used to shape strategies for improvement.
Ventana Research undertook this benchmark research to acquire real-world information about levels of maturity in the Insurance industry, trends and best practices in how these organizations use business analytics. It explores how they do this now, current processes and tools, plans they have to change or improve them, and benefits they hope to gain by doing so. Our Maturity Index analysis concludes that only 12 percent of all Insurance organizations attain the highest innovative level of maturity in their use of analytics. Maturation requires a balanced focus on people, process, information and technology; the research found issues in each category and also concerns about progress in addressing them. Thus, the Insurance industry is maturing only slowly in their use of analytics despite the fact that they view them as valuable and important.