| Insurance is such a service, which can extend its | | | | complexity of computation required, rather they can |
| scope to every section of the society. From richest to | | | | focus on their core activities and use these techniques |
| poorest, from big corporate to small individual | | | | to achieve unprecedented business edge. |
| entrepreneur, from space research to agriculture - | | | | If we identify one single industry where need of such |
| take any walk of life, insurance can add lot of values | | | | techniques is highest, it has to be Insurance industry. |
| to it by helping in managing the risk. Formulating | | | | The reason being that Insurance has scope of |
| strategies for different segments of society and to | | | | coverage in every walk of life and to do it properly in |
| meet different risk management needs involve lot of | | | | any field, the knowledge level required is as high as |
| data acquisition, automation of workflow and intelligent | | | | that of that field. Assessing the risk involved, covering |
| analytics. | | | | them and providing value addition to customers in |
| Many mathematical and statistical techniques, which | | | | various industries requires complete understanding of |
| were confined to remain topics of academic interest | | | | the industry and powerful analytics. |
| only till recently, have started making increasing | | | | In recent years many Insurance service organizations |
| contribution in present day services. The reasons being | | | | have implemented business intelligence solutions with |
| the availability of high speed computing devices at | | | | various names, but mostly these solutions are being |
| affordable cost and the ease, at which large volume | | | | used for generating information reports similar to those, |
| of business data can be stored, retrieved and | | | | which were generated before such implementations. |
| processed. Software companies have flooded the | | | | Insurance industry is passing through a very dynamic |
| automation market with various products and tools | | | | phase and is looking towards Information Technology |
| with varied names like BI (Business Intelligence), ANN | | | | for solutions beyond workflow automation, MIS and |
| (Artificial Neural Network), and Data Mining etc. So, | | | | data processing systems etc. |
| business people need not worry about the volume and | | | | |