Business intelligence will be a key technology for insurers through 2017

Investment in business intelligence and analytics will remain a crucial technology for insurers through 2017, according to research by Gartner.

The analyst said data driven technologies were offering clear benefits for businesses operating in the risk management and financial markets. It claims that as a result financial executives are demanding widespread deployment of these solutions.

Gartner added that the acquisition, storage and management of data was also becoming cheaper for companies looking to deploy these tools.

“Business leaders should create an inventory of the range of current data collected by their products and services, then consider what additional high-value information could be captured through further instrumentation," said Roy Schulte, vice president at Gartner. "Application and other technology managers should ensure that the data collected from IT systems, applications, devices and users is maximised with equal consideration for performance implications and probable future business relevance."

Gartner adds, however, that confusion around the best way to move forward with more complex ‘big data’ solutions would inhibit investments on business intelligence (BI) and analytics tools in the short term.

The report said: “Analytics plays squarely into the big data trend, where the growing volume, velocity and variety of data create opportunities outside of the traditional, established BI domains and buying centres. That makes the sourcing of analytics bigger and more technically complex than what has been done before.”