Organizations in the US may be interested to learn that issues relating to data quality continue to hamper business intelligence (BI) efforts.
Insurance Networking has reported on a recent study by Novarica which claims that the two factors are interlinked.
The report, entitled Business Intelligence in Insurance: Current State, Challenges, and Expectations, found that the primary issues all surround data quality.
Indeed, 50 per cent of respondents to the study citied experiencing significant challenges with data inconsistency and more than 60 per cent indicated significant challenges concerning source system data quality with their projects.
"As BI capabilities expand, carriers acknowledge that master data management principles are important, but relatively few have them in place or have prioritized them for the short term," the report said.
"We believe that insurers who do develop strong business intelligence capabilities and act upon the insights revealed will have a significant competitive advantage in the difficult market ahead."
Posted by Richard Jones