Insurance industry serves the risk management needs of all types of organizations, individuals or group of individuals. BI should aid decision making, not replace it. This is true in all cases, but is particularly crucial when a company is endeavouring to survive a drop in the market place. Perhaps the most important aspect of efficient business intelligence (BI) is the underlying data that feeds into the analytical systems.
Probability theory, statistical analysis methods, operational research and artificial intelligence are the tools to be used within this stage. This has resulted in the situation being almost reversed; the technology can deliver more that most users need when they start out with a business intelligence project.
Your business is only as good as the company it keeps, so make sure careful pro-active analysis and ongoing assessment is done on partner performance and consistency. The nature of Business Intelligence projects permits to execute every phase or activity from “important” point of view: doing well with no other stress but time milestones.
Clustering used as part of Business Intelligence Technique mines the data and identifies valuable clusters which otherwise might have been ignored. Some junior business analysts are also required to prepare documentation for customer requirements and structure of the organization.
A set of systems to delineate dynamic customer base, such as sales trends, niche value, customer churn, profitability segments. Otherwise, if the very method that is supposed to bring wise decisions is wrong, the entire business can collapse. DW can be used as the data repository of application servers that run decision support systems, management Information Systems, Expert systems etc., through them, intelligent information could be achieved.