Analytics has exploded in recent years, with the promise of driving strategic value throughout the value chain through more intelligent and automated decisions. Successful use of analytics will see insurers benefit from process optimization, operational improvement and predictive capabilities.

In fact, in “Research Roundup: What Insurance CIOs Need to Know About Emerging Analytics Needs” a Gartner research paper published earlier this year, several key trends are highlighted. This includes the limitless power of analytics for the insurance CIO and technology professionals, as well as how analytics drives innovation and success in digital insurance. In the same article, 61 percent of insurance IT executives think BI and analytics on insurance will have a significant impact in the next five years. Furthermore, 21 percent believe it will be reshaping the industry entirely.