The study linked data warehousing and data mining to success in nearly every aspect of a company's performance.
"Many companies have been very successful using data warehousing and data mining to do many different things, such as selling and pricing better, cross-selling, reducing expenditures and improving customer service," said Jack Gohsler, senior vice president at Conning, a research and asset-management firm focusing on the insurance industry.
The results of the 2000 study "Data Warehousing and Data Mining in the Insurance Industry--Floods of Information," encompassed across-the-board responses, ranging from optimistic experiences to those more pessimistic about their use of the technology.
"They may be ahead of us now with some other things, but I think the insurance industry has caught up and a lot of companies are now implementing data warehousing and data mining and trying to embed it into their processes." Chubb believes that as it engages more business units within the company, its opportunities to leverage information across and throughout the organization will grow.
Since data warehousing and data mining are still being introduced throughout the insurance industry, their long-term effects may not yet be clear.
Once companies overcome challenges and recognize the positive impact data warehousing and data mining can bring to the operation, they may achieve their biggest benefit: "Understanding your customer...
So, in order to provide customers with a full set of tools for data warehousing and data mining, SAS offers an end-to-end and open warehousing solution, as well as a number of data mining products.
According to Goodnight, SAS currently has 50 separate products on the market--all devoted to data warehousing and data mining. Yet, over the years, SAS has developed products aimed at specific niche markets.
This is where technology, especially data warehousing and data mining
, can provide current information at a very detailed level and help us isolate problems and address them quickly.