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Abstract
Try this question: What is the most important pre-requisite
to survive in today's volatile marketplace? The answer
is rather straightforward-'Information', or more precisely,
'Actionable Information'. For no other industry is it
as important as for the Insurance Industry, which is
almost totally dependent on current and insightful information.
This is exactly what Business Intelligence (BI) tools
like data warehousing, data mining, and OLAP seek to
provide. A close look at the insurance value chain suggests
that BI can play a crucial role in almost every aspect
of the chain. It can help identify the right customers
for target marketing and analyze the reasons for customer
attrition. It can help the insurer better manage its
agents and sales force and improve the effectiveness
of actuarial and underwriting functions. BI forms the
most critical component of claims management, helping
in fraud setection and claims estimation. On the asset
management side, it can lower the insurer's risk through
sophisticated risk models developed using data mining
tools. And most importantly, BI tools can help insurers
provide crucial information to corporate clients, which
can go a long way in cementing the insurer's relations
with the clients.
Authors
Pawan Kumar S
Saurabh Swarup
To know more about Wipro in business intelligence and
data warehousing, go to www.wipro.com/datawarehouse
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