Many businesses are looking at how business intelligence (BI) and performance management solutions can help them achieve a lower cost base through improved operational efficiency.
This comes at a time when the global insurance industry is experiencing turbulence, and the South African market is no different.
To address this, IBM, in partnership with ITWeb, is hosting a free executive forum on improving operational efficiency through better performance management. The event takes place on 17 March at Melrose Arch, Johannesburg, and on 19 March at the Commodore Hotel, Cape Town.
The session will kick off with a keynote address from Tony Boobier, insurance leader for IBM Business Analytics, who will look at current trends in the local and global insurance sector and what insurance companies need to focus on to survive in an increasingly competitive market.
The attendees will also see a solution demonstration and hear from two IBM clients explaining how they are driving increased operational efficiency through the use of IBM Cognos solutions.
“It is pretty clear that the old ways of doing business have passed, and the days of intuitive decision-making are now behind us.” He says some have already started to put in place 'enterprise and beyond' platforms for advanced business analytics - a coupling of BI, performance management, and predictive analytics.
Boobier adds that, with over 80% of CIOs placing business analytics and intelligence as their number one concern, the forum will allow attendees to learn how insurers globally incorporated this new way of thinking into their organisations, and hear a few success stories.
He points out that effective performance management delivered through business analytics also provides the link between corporate strategy and execution. “It ensures operational alignment with strategic decisions, and enables the effective use of capital, and the appropriate application of capital, to profitable lines of business.”
This means more informed decision-making in terms of new insurance products, such as micro insurance, and geographical expansion of businesses, he adds.
Performance Management for Insurance, An IBM-driven event in partnership with ITWeb
More information about Performance Management for Insurance, which takes place on 17 March in Jo'burg and 19 March in Cape Town is available online here.
Ocea Garriock, IBM IOD lead architect and technical team manager for software solutions laboratory, sub-Saharan Africa, says insurance companies have to find new and innovative ways to reduce costs, introduce new products and adjust to business realities.
“Innovation in insurance products, processes and systems necessitate innovating with information, finding new and better ways to leverage enterprise information to drive real business value,” she says. To gain competitive advantage, information must be liberated from silos, shared across processes and unlocked from applications to deliver actionable business insight.”
Boobier points out that keeping ahead of regulatory requirements and distribution opportunities though technology coupled with executive insight will not only let insurers ride the sea change, but also improve market share and help maintain competitive advantage.
Share