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MARINE | Analytics In association with Noria Software
Adding value to business intelligence
We are all told that data is now king but the key question is how are you adding value to the data you share with your customers? How do you take raw numbers and shape them in a way that transforms data into actionable, valuable business intelligence? Ronny Reppe, CEO of Noria Software, lists five ways to add value to the information that is shared with clients and stakeholders Gartner’s former head of research, Peter Sondergaard, once said the following about the importance of data analytics: “Information is the oil of the 21st century, and analytics is the combustion engine.” In other words, there’s little point in stockpiling vast amounts of data if it cannot be used to drive your business forward. In the insurance industry, data analytics is a value-adding process that enables better decision-making. Higher-quality information helps insurers provide a more exact price for expected claims, and (more importantly) can be leveraged to help prevent future claims. Insurers can use data analytics to analyse historic claims, track the data flowing into the system through connected insurance (IoT), understand client risks, then provide customers with targeted advice on how to minimise or avoid future claims. Providing data analytics to clients needn’t be a face-to-face The Marine Insurer Nordic & Asia Special Edition | April 2021
service or manual task. Instead, insurers can add real value by providing clients with actionable information in the form of self-service dashboards that enable them to make better-quality decisions. Let’s dive in. Here are five ways companies can add value to the data they share with their clients.
> MAKE IT SELF-SERVICE A 2018 Deloitte paper on modern business intelligence spoke of the power of self-service: “As self-service analytics technology continues to put more power and responsibility into the hands of the business user…organisations can save time, resources, and better achieve mission effectiveness by harnessing the power of data to become modern, data-driven, insight-driven agencies,” it stated. “Organizations [can] take advantage of mass amounts of existing and new information in vastly different ways than were previously possible, allowing users to ask and find
