The insurance business has historically been an early adopter of new business intelligence (BI) solutions such as data warehousing, advanced reporting systems and data mining, as well as advanced statistical applications. The reasons for this advanced IT development in the insurance business are mainly due to a complex business model in a highly competitive environment. The insurance business has, at least until recently, been a sector that has had the money to invest heavily in new and often expensive IT solutions. The insurance business sells products where many factors must be taken into account to ensure profitability. Therefore, the analyses needed to manage the risks connected with insurance or funds tend to be highly complex.

Once the analyses are complete, a top priority for management in the insurance industry is often the need to implement and improve so-called dashboard or cockpit solutions. These applications are meant to help to understand the advanced analyses and also to communicate the results in an unambiguous manner.

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