Some insurance industry technology projects never really justify their development costs.
Some projects make an obvious difference.
Analysts at Novarica, an insurance technology consulting and research firm, try to showcase the kinds of projects that do make a difference in the firm’s annual insurance tech case study roundups. Analysts at the firm look for projects, including “big data” analysis projects and artificial intelligence projects, that deliver real business impact.
Here’s a look at three insurer tech projects the firm highlighted in the firm’s latest IT project compendium.
MetLife: Enterprise Analytics
MetLife created an enterprise-wide “collaborative community” for its internal IT staff. The community includes more than 200 data scientists and analytics professionals, with input from Wes Hunt, the company’s chief data officer.
The community uses an Intelligent Data Platform system from Informatica to pull data from many different servers and applications.
The system can give producers a consolidated view of a client’s activity, revealing gaps in the client’s coverage and planning.
The result: opportunities for producers to cross-sell, and up-sell, needed products.
High-level executives have been sponsoring the data analysis initiatives. That high-level executive participation helps MetLife understand the new tools and use the tools effectively, according to Matthew Josefowicz, Novarica’s president.
American Family: Self-Service Reports