Many insurers have invested in Enterprise Data Systems. These systems hold millions of pieces of data and are often unwieldy when it comes to extracting relevant data that can inform commercial decision making.
The data warehouse feeds insurance processing but does not generate the insightful business reporting data that is needed by claims teams and actuaries to plan for the future. The design of these systems often uses data fields that are not frequently used and therefore it can be hard to track down the right data at the right time.
Insurance is a highly competitive business and quality data can be the key to building and retaining a market advantage. So, insurers are increasingly looking for data experts to help them extract the right data and put it in a format that is easy to access and use for planning across the business.