This website uses cookies to ensure you have the best experience. Learn more

Business Intelligence And Insurance Essay

4192 words - 17 pages

Introduction Late seventeenth century was an era of growing international trade. New shipping routes were discovered and adventurous traders brought exotic products from strange and alien lands. But their journeys across the oceans were fraught with danger and unknown risks. They needed some kind of protection against the peril lurking in high seas. This gave rise to a new breed of entrepreneurs ? marine underwriters ? who agreed to cover the losses in return for a fixed amount of premium. Their business depended on current information about the sea routes, pirates, political condition, weather patterns, conditions aboard the ship, and consumer tastes for exotic products. In order to acquire business information, many marine underwriters began to frequent Edward Lloyd?s coffeehouse in London. This was the place where they could share business intelligence with other underwriters and captains of trading ships. In 1771, seventy nine underwriters who did business at Lloyds? got together to form a society that went on to become the most famous of all insurance companies ? Lloyd?s of London.More than three centuries after Edward Lloyd opened his coffeehouse; the very ?Business Intelligence? ? that brought together marine underwriters at Lloyds? ? is much more crucial for the insurance industry. It pervades almost every aspect of the value chain and technology has the potential of making it almost ubiquitous across the organization. Today, an underwriter would not go to a coffeehouse to gain business intelligence; but, probably, to get away from it. And one thing is sure: she cannot afford to stay in the coffeehouse for long.Insurance is totally dependent on the ability to convert raw data into intelligence ? intelligence about customers, markets, competitors, and business environment. Over the years data processing technology has progressed phenomenally and tools like data warehousing and data mining, which constitute the cornerstone of an effective business intelligence environment, have been widely accepted across industries. However, insurance companies have been relatively slow in adopting these tools, primarily because of lack of competition due to protective regulations. But now, they can no longer afford to be complacent as the Internet, deregulation, consolidation, and convergence of insurance with other financial services are fast changing the basic structure of the industry.Trends in the Insurance Industry The insurance industry is quite diverse in terms of portfolio of products provided by different companies. The products can be broadly classified into two product lines: property and casualty (P&C) and life insurance. Life insurance product line can be further sub-divided into life insurance, health insurance and annuity products. Growing consolidation and changes in the regulatory framework has led many insurers to add new products to their portfolio. This presents its own unique challenge to the insurance company in leveraging its...

Find Another Essay On Business Intelligence And Insurance

Business Intelligence and Data Science Essay

1334 words - 5 pages For the past couple of decades the majority of businesses have wanted to construct a data-driven organization or company. Furthermore, companies around the world are considering harnessing data as a basis of competitive advantage over other companies. As a result, business intelligence and data science use are popular in many organizations today. The increase in adoption of these data systems is in response to the heavy rise in communications

Business Intelligence and Big Data Essay

1614 words - 7 pages advantage by enhancing business, predict consumer and buying behaviour and reducing cost by optimizing the operational processes. As opposed to more traditional business intelligence systems, Big Data techniques allow institutions to analyse data for patterns more quickly and at a much lower cost. More accurate analysis leads to more confident decision making which leads to greater operational efficiencies, cost reductions and reduced risk

Emotional Intelligence and Relationships in Business Management

3564 words - 14 pages Emotional Intelligence and Relationships in Business Management ¡§Anyone can become angry ¡V that is easy. But to be angry with the right person, to the right degree, at the right time, for the right purpose, and in the right way ¡V this is not easy.¡¨ ~ By Aristotle, The Nicomachean Ethics ~ Traditionally, management were only interested on return on investment (ROI) and shareholder value, not the neurobiology of emotions doing

The Effects Artificial Intelligence has had on Society and on Business

2523 words - 10 pages The Effects Artificial Intelligence has had on Society and on Business Until recently, many people thought it unlikely for machines to have human-like abilities. Human-like abilities were generally only attributed to animals, and not machines. However, with technological advancements such as computers, many are beginning to realize the importance and impact such machines have in business. There are virtually no businesses today who do

Emotional Intelligence - Centenary University - BUS3030 - Essay

569 words - 3 pages level of emotional intelligence. However a recent Harvard Business Review article reports that the quality that most senior executives lack is empathy. For this reason, it is essential that all of us understand emotional intelligence. References Salovey, P., & Mayer, J. (1990) Emotional intelligence. Imagination, cognition, and personality, 9(3), 185-211. Goleman, D. (1995) Emotional intelligence. New York: Bantam.

Insurance sector in india

4943 words - 20 pages CHAPTER 1INSURANCE INDUSTRY-An overviewThe insurance industry provides protection against financial losses resulting from a variety of perils. By purchasing insurance policies, individuals and businesses can receive reimbursement for losses due to car accidents, theft of property, and fire and storm damage; medical expenses; and loss of income due to disability or death.Insurance business is divided into four classes :1) Life Insurance business2

Competitive Intelligence

870 words - 3 pages Competitive Intelligence      It takes a simple mind to run a simple machine, but a shrewd mind is needed to run an organization, association, or business. Business intelligence has become a big principle in industries throughout the years. “During the second half of the 20th century, the United States and Canada, Western Europe, as well as Japan and a number of other countries, have evolved from primarily

Insurance - The need of the hour

1695 words - 7 pages insurance against acts of terrorism. Losses by reinsurers resulting from major bombing incidents in the early 1990s precipitated changes to insurance cover and the introduction of exclusions i.e. Deductibles. (Roger Shillum, "Property Management", Terrorism Insurance, Volume 15, March 1997,pp 32-37)4. The loss cannot be so large to throw the insurer out of business. To avoid this kind of catastrophic event the concept of Re-insurance comes into

Industry Analysis of the Life Insurance Sector in India

3412 words - 14 pages policies. According to the statistics and estimates by IRDA and McKinsey, • India is ranked 10th among 156 countries in the life insurance sector business, with a share of 2.3 per cent during FY12 • The life insurance premium market flourished at a CAGR of 20.1 per cent, from USD 11.5 billion in FY03 to USD59.9 billion in FY12 • The share of private sector in the life insurance premiums increased from 2 per cent in FY03 to 29.3 per cent in FY12

Use of psychological intelligence to determine employee productive capacity - Psychology - Project

2735 words - 11 pages of the tests may take too long to complete and may also require consultation services meaning extra costs for a business. Ethical Issues: The main ethical issues around use of intelligence tests range around the issue of discrimination. Some of the questions though general may lead to the identification of a medical problem which is illegal. The common law in many countries warns employees of being their recruitment strategies on medical

CIA Operational Psychology

2678 words - 11 pages included, but are not limited to, New Years Day, Martin Luther King Jr. Day, and President’s day (CIA). The Central Intelligence Agency offers a wide range of health insurance plans and options. For example, employees can choose from many Federal Employees Health Benefits Plans (FEHBP) list for insurance plans that vary in cost benefits. While the FEHBP does not have limitations on preexisting health issues, the CIA urges employees to carefully

Similar Essays

Business Intelligence And Stakeholders Essay

1048 words - 5 pages INTRODUCTION Business Intelligence refers to the way in which companies collect and organise raw data, and then transform this raw data into something meaningful. The transformation and analysation of this data is generally achieved throughout the use of software with systems such as SAP or Cognos (Howson, 2010). BI is important as it’s helpful in streamlining and making certain tasks easier within a business setting, overall achieving smoother

Technology And Business Intelligence Essay

1041 words - 4 pages In this technological era, everything has been computerized. Agility and mobility of business has been increasing rapidly over the years. As modern business grows, Business Intelligence (BI) has become an important part in supporting decision-making process in an organization. However, it is not an easy task to implement a BI successfully. It takes time and effort for an organization to be able to come up with a good BI strategy which will be

Emotional Intelligence And Business Essay

1818 words - 8 pages I would definitely talk to the people that are running the contest and inform them of situation and the plagiarism that went on. I would then talk to the person that was doing the plagiarizing and let them know of my disapproval as well as let that person know that I had talked to the people running the contest and informed them of the situation. I think that a person with high emotional intelligence would have handled the situation as I did

Emotional Intelligence And Business Essay

1888 words - 8 pages I would definitely talk to the people that are running the contest and inform them of situation and the plagiarism that went on. I would then talk to the person that was doing the plagiarizing and let them know of my disapproval as well as let that person know that I had talked to the people running the contest and informed them of the situation. I think that a person with high emotional intelligence would have handled the situation as I did