Increased competition from new entrants, a lack of capital and the need to cut costs are forcing insurance companies to double their efforts in the search for competitive advantage.
Many insurance companies are turning to GIS (Geographical Information Systems) to help identify and overcome the new challenges they face. Increasingly, GIS systems are being integrated with Business Intelligence (BI) systems to create fresh insights and to improve core business processes such as risk assumption and claims management.
From establishing a more accurate view of risk to the superior allocation of capital, or GIS and BI integration, insurance companies are starting to drive new ways of sharing information and understanding potential benefits. In order to support a company's vision for the future and tackle these challenges head-on, a GIS technology roadmap is needed.
This paper examines how investing in GIS and BI integration creates a platform which can create a sustainable source of competitive advantage, enabling insurance companies to improve performance across many facets of their business.