Evolving Insurance with Business Intelligence

Graham Harvey, CEO of Cardinal, gives insight into the increasing importance of business intelligence (BI) in today’s insurance landscape. Graham explains how technology has moved from the periphery of insurance operations to become a central component of decision-making, transforming businesses along the way. Cardinal’s strategic acquisition of a BI firm highlights their commitment to leveraging data to provide clients with powerful insights.

Graham shares how tools like Power BI and QlikSense have revolutionised the way insurers handle data. Gone are the days of Excel spreadsheets; today’s BI platforms allow insurers to integrate data from multiple sources, including claims, policies, and finance, and analyze it to drive better decision-making. With Cardinal’s strong focus on creating an ecosystem of best-of-breed technology partners, Graham emphasises the importance of collaboration. This approach allows Cardinal to offer tailored BI solutions that cater specifically to the insurance industry, while also leaving room for clients to integrate their existing tools and systems.

The episode also touches on how BI enables insurance companies to manage large datasets across various cloud environments and comply with data protection regulations like GDPR and POPI. Graham highlights the potential of BI in unlocking business growth, as it provides a clearer picture of operations, enabling insurers to improve everything from claims management to customer engagement.

Listen to this podcast to explore how BI is reshaping the future of insurance and why building a technology-driven ecosystem is critical for success in this rapidly evolving industry.

Key Points:

Role of Business Intelligence (BI):

Graham discusses how BI has evolved from simple data analysis to a key strategic tool that supports decision-making in the insurance industry.

Cardinal's Investment in BI:

Cardinal has taken a controlling stake in a BI specialist firm to align technology roadmaps and ensure clients benefit from seamless data analysis and visualization solutions like Power BI and QlikSense.

Building a Technology Ecosystem:

Cardinal's approach is focused on partnering with best-of-breed technology providers, allowing them to offer specialized solutions while keeping their core focus on insurance.

Benefits of BI Tools:

BI platforms allow insurers to analyze large datasets across multiple sources, providing actionable insights for claims management, policy administration, and more.

Impact of Data Protection Regulations:

Graham highlights how BI tools, integrated with cloud services, help insurers manage data securely while complying with regulations like GDPR and POPI.