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Many insurance firms are turning to technologies such as business intelligence and business analytics, enterprise risk management and virtualization. Experts say these three technology areas are especially critical for success in today's insurance market.
A subset of BA called predictive analytics is "very hot in the insurance industry, and we think it will remain hot even in this financially strapped marketplace," says Barry Rabkin, senior research analyst for insurance at Financial Insights, an IDC company. A recent study by the Framingham, Mass.-based firm reports that a growing number of insurance companies are using analytics for applications such as price modeling, underwriting for business acquisitions, and identifying the most profitable customers, agents and territories.
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