Insurance Data Mastery Solutions Spectrum

Insurance Data Mastery Solution Spectrum Reports Published by Celent

Data mastery is a critical area that is yielding high returns for insurers. But the vendor space is crowded and confusing. Celent痴 new report helps insurers quickly understand and navigate this space.

Data mastery encompasses data warehousing, data integration, business intelligence, reporting, and parts of CRM. Celent outlined data mastery, a phrase coined by Celent, in a June 2003 report where data mastery was shown to be a key area of investment and provider of ROI, according to the results of Celent痴 recent insurance CIO/CTO survey.

The vendor space for data mastery solutions is crowded and heterogeneous. It often takes insurers months just to figure out which vendors they should be speaking to for their individual projects. Celent痴 report is designed to help insurers understand the data mastery vendor space, and to provide an overview of the capabilities, areas of focus, and characteristics of each of over 30 leading solutions. Details on each vendor痴 solution are presented in short profiles, and are compared and mapped relative to each other in a simple figure and table designed to help insurers quickly assimilate information about this complex space, and which vendors are likely to be relevant to their specific initiatives.

"Few industries are so rich in customer, product, and operational data, and yet so poor at extracting useful information from that data as the insurance industry," said Matthew Josefowicz, manager of Celent痴 insurance group and author of the report. "But that is starting to change. There is a renewed emphasis on streamlining operations, on focusing on profitable businesses and customers, and on improving underwriting results. In addition, new laws require senior executives to have a crystal-clear understanding of their operations and their customers. Data mastery initiatives are the keys to both areas, and vendor-provided solutions are increasingly critical components of these initiatives."

The 47-page report contains 4 figures and 31 vendor profiles. A is available online.

of Celent Communications' Property/Casualty Insurance and Life/Health Insurance research services can download the report electronically by clicking on the icon to the left. Non-members should contact info@celent.com for more information.