(Example of a banking-specific dashboard from IBM’s new vertical industry analytics solutions. Source: IBM.)
Insurance is among the industries served by IBM’s newly introduced vertical industry behavior-based analytics capabilities. The solutions are built on behaviors or patterns drawn from 50,000 client engagements, according to an IBM statement. IBM reports that it continues to work with clients and partners it has identified as innovators in advanced analytics in order to ensure that the vertical industry solutions meet each industry’s most critical business requirements.
Each solution includes pre-built predictive analytic modeling patterns and interfaces for focused industry use cases, as well as data preparation capabilities to streamline collection and preparation of data for analytics, IBM says. The solutions include interactive and role-specific dashboards that enable business users to share predictive insights across teams and organizations about a variety of operational concerns, with the result that they can make better decisions faster and with fewer resources, the vendor asserts.
Among the goals that the solutions can help insurers achieve, according to IBM, are the following:
- Create a customer focused enterprise
- Increase flexibility and streamline operations
- Optimize enterprise risk management
“We believe organizations need capabilities that enable greater speed and minimize the effort required to generate actionable insights,” comments Alistair Rennie, General Manager of Analytics Solutions, IBM. “This requires pre-built solutions that are tailored to address each industry’s unique challenges. With today’s news, IBM is putting powerful analytics in the hands of every business user to help them see patterns, pursue ideas and improve all types of decisions impacting their industry.”
The vendor reports that the new analytics solutions provide out-of-the-box integration with IBM Customer Engagement solutions, enabling the insights to be used to drive what offers are sent to customers and what is displayed when they visit the website. IBM Maximo Asset Management has also been pre-integrated, providing enhanced capabilities for work management, job plans, work order tracking, service requests and reporting. As potential equipment failures are identified, work orders can be generated automatically. The vendor says that consultants from IBM Global Business Services can help clients implement and tailor the solutions to fit their needs and broader strategy.