Analytics in Insurance Overview

Jul 23, 2014

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Key Terms

Analytic maturity refers to the increasing sophistication in the use of analytics and involves four key dimensions of analytic users, analytic processes, analytic technologies, and data.

Business Intelligence Competency Center (or Center of Excellence) is a corporate function that defines and executes a strategic business intelligence program through BI Governance committees.

Data governance is a corporate process that ensures data quality and data understandability. It involves a Data Governance council and includes data stewards from various business areas who participate in this process.

Operational analytics are analytics used within a transactional system such as claims management; these would include a list of new claims created, a list of claims open more than 30 days, and so on.

Predictive analytics are analytics that use historical data to forecast future results. These include data mining, text mining, predictive models, and so on.

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