San Ramon, Calif. – November 22, 2011 – New benchmark research from Ventana Research finds that while insurance companies are advancing in their ability to apply analytics, there is still significant room for improvement in their analytics processes and technology. Insurance companies, under more pressure than ever to operate efficiently and make the right decisions regarding customers, policies and claims that can optimize the full potential from business analytics to be effective.
This new benchmark research from Ventana Research, the leading business technology research firm, presents comprehensive, research-based information on insurance companies’ attitudes towards business analytics. The research found several factors that stall the advancement of business analytics in insurance companies, including spreadsheet use, stale or outdated data, and analytics that are not easily accessible or interactive. Even though insurance companies are aware of these issues, low priority is given to improving analytics efforts. In turn, the necessary changes are not being made due to lack of resources and an insufficient budget.
“This new research provides insight that insurance companies are trailing other industries and are not able to maintain parity and levels of improvement desired to meet the business goals and objectives,” said Mark Smith, CEO and chief research officer of Ventana Research. “While over 68 percent of insurance companies recognize that changes are needed, only around 25 percent plan to act. Insurance organizations need to examine the use of advancing techniques from predictive and event oriented analytics to the types of metrics and indicators that can drive more routine improvement.”
This in-depth benchmark research on business analytics, the latest from the leading business technology research firm, assessed the maturity and direction of insurance organizations’ efforts around the world. Ventana Research undertook this research to acquire real-world information about maturity, trends and best practices in how they use analytics and key indicators. It explores how they do this now, how they view their existing processes and tools, plans they have to change or improve them, and the benefit they hope to gain by doing so.
To view the webinar, visit: http://ventanaresearch.com/research/benchmarkDetail.aspx?id=2259
Those interested in learning more about this benchmark research can find additional information at http://ventanaresearch.com/Insuba/. As a part of your registration you will receive insights and education from Ventana Research on using technology effectively in business. Ventana Research thanks those that participated in the benchmark and our media and association partners who helped make this vertical industry research a reality. Ventana Research provides guidance to organizations in business analytics through its Ventana OnDemand (http://www.ventanaresearch.com/ondemand) and with its assessment and educational services offerings. (http://www.ventanaresearch.com/services/)
About Ventana Research
Ventana Research is the most authoritative and respected benchmark business technology research and advisory services firm. We provide insight and expert guidance on mainstream and disruptive technologies through a unique set of research-based offerings including benchmark research and technology evaluation assessments, education workshops and our research and advisory services, Ventana On-Demand. Our unparalleled understanding of the role of technology in optimizing business processes and performance and our best practices guidance are rooted in our rigorous research-based benchmarking of people, processes, information and technology across business and IT functions in every industry. This benchmark research plus our market coverage and in-depth knowledge of hundreds of technology providers means we can deliver education and expertise to our clients to increase the value they derive from technology investments while reducing time, cost and risk
Ventana Research provides the most comprehensive analyst and research coverage in the industry; business and IT professionals worldwide are members of our community and benefit from Ventana Research’s insights, as do highly regarded media and association partners around the globe. Our views and analyses are distributed daily through blogs and social media channels including Twitter, Facebook, LinkedIn and Business Week’s Business Exchange.
To learn how Ventana Research advances the maturity of organizations’ use of information and technology through benchmark research, education and advisory services, visit www.ventanaresearch.com.
Media: Copies of benchmark research report and interviews are available upon request.
Media Contact:
Bailey Donoghue
(925) 242-2412