Not many would dispute the role that IT resources can play as vital strategic assets in the hands of insurers. Yet we are witnessing IT departments struggling in one key area that has the potential to give insurers longevity and competitiveness in the “Age of the Algorithm”: business intelligence.

Business intelligence/advanced analytics is a core competency generally not associated with the insurance industry. As Gartner’s recent study points out, P&C and life insurers are still not ready for capabilities like big data. That study identifies a set of pain-points, which can be broadly categorized as:

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