The insurance industry has historically been a growing industry, capable of providing satisfactory returns without much concern regarding the impact that data might have on strategic decision making. Technology was not considered a critical factor in decision making. Decisions were often based on conventional wisdom, not on facts derived from the data which was painstakingly stored and then ignored. The realization that data stored in multiple databases within a company can provide a tremendous strategic advantage has compelled many insurers to join the data warehousing wave in an effort to gain market advantage and improved profits.
Data warehousing technology allows insurance companies to consolidate information from disparate operational systems into one source for consistent, reliable and accessible information. This gives insurers the opportunity to bring wisdom and insight to the decision-making process.
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