Question

Discuss the strategic benefits of BI systems. How might an insurance company use BI? Banks? Retail?

Answer 1

Business Intelligence(BI) systems are analytic and reporting software with a graphical user interface which processes and visualizes information required for managerial decision making processes.

BI systems help improve

• the speed of reporting, analysis or planning
• the accuracy of reporting, analysis or planning
• data quality
• employee satisfaction
• customer satisfaction
• operational efficiency
• business decision making
• competitive advantage
• cost reduction
• level of revenues

Using BI systems an insurance company can

• set up an efficient data warehouse that keeps all information in an optimized cloud platform.
• choose who has access and to what extent to different data sets.
• choose to backup important sets of data on the server.
• generate various reports such as financial reports, operational reports, management reports, insurance reports without the services of any data experts.
• perform predictive analysis for understanding underwriting risk, making financial projections, modelling product profitability.