Semantic Technologies: A Gold Mine of Opportunities for Insurers (Strategic Focus)
Increasingly more digital information, both structured but primarily unstructured, is flowing into, out of, and through the value chains that constitute the strategic, tactical and operational business processes of insurance companies. Semantic technologies provide the capabilities for insurers to finally manage unstructured content.
Scope
*Life and non-life insurance companies worldwide
*This report provides a high-level introduction of semantic technologies to insurance companies
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Highlights
Semantic technologies provide the capability for data to understand the meaning and relationships between other data. This means semantic technologies enable insurers to leverage their unstructured content to support a wide range of business initiatives.
Semantic technology firms must build solutions that can insurers can easily understand, quickly use and integrate with traditional business intelligence applications insurers are currently using.
Reasons to Purchase
*This research provides insurers a high-level explanation of semantic technologies
*This research specifies insurance business initiatives which can be supported by semantic technologies
*This research specifies hurdles insurers must overcome to apply semantic technologies
SUMMARY 1
Catalyst 1
Ovum View 1
Key messages 2
There is a continually expanding universe of unstructured content that insurers must manage 2
Insurers must be aware that there is a vast amount of unstructured content 2
Insurers can group the unstructured content into three domains of intelligence 2
These three domains of intelligence support a wide range of insurance business applications 2
Semantic technology vendors must provide solutions that are easy to use and easy to integrate 2
TABLE OF CONTENTS 2
THE AVAILABILITY OF INFORMATION DRIVES COMPETITIVE MARKET ADVANTAGE 3
The mediasphere is the new marketplace 3
The essence and the capabilities of the web continue to evolve 4
Creating content is quick and easy but intelligently consuming it remains a challenge 5
Almost all of the information on the web is unstructured content 6
INSURANCE COMPANIES ARE “RICH MEDIA” COMPANIES 8
There is a continually expanding universe of unstructured content that insurers must manage 8
Insurers must be aware that there is a vast amount of unstructured content 10
Insurers can group their unstructured content into three domains of intelligence 11
The three domains of intelligence support a wide range of insurance business applications 12
A HIGH LEVEL DISCUSSION OF SEMANTIC TECHNOLOGIES 14
Semantic technologies enable data to ‘understand’ other data 14
Semantic technology solutions and services require insurers to learn new terms 15
RECOMMENDATIONS 17
Recommendations for enterprises 17
Insurers must overcome several hurdles before being able to successfuilly implement semantic technologies 17
Insurers have to shift several ingrained perspectives about data 18
Recommendations for vendors 19
Build scalable semantic technology software solutions 19
Offer semantic technology solutions that integrate with BI 19
Alternative views 20
APPENDIX 22
Ask the analyst 22
Definitions 22
Further reading 22
Disclaimer 23
List of Figures
Figure 1: A very abbreviated history of human communications 4
Figure 2: The essence of the first
Catalyst 1
Ovum View 1
Key messages 2
There is a continually expanding universe of unstructured content that insurers must manage 2
Insurers must be aware that there is a vast amount of unstructured content 2
Insurers can group the unstructured content into three domains of intelligence 2
These three domains of intelligence support a wide range of insurance business applications 2
Semantic technology vendors must provide solutions that are easy to use and easy to integrate 2
TABLE OF CONTENTS 2
THE AVAILABILITY OF INFORMATION DRIVES COMPETITIVE MARKET ADVANTAGE 3
The mediasphere is the new marketplace 3
The essence and the capabilities of the web continue to evolve 4
Creating content is quick and easy but intelligently consuming it remains a challenge 5
Almost all of the information on the web is unstructured content 6
INSURANCE COMPANIES ARE “RICH MEDIA” COMPANIES 8
There is a continually expanding universe of unstructured content that insurers must manage 8
Insurers must be aware that there is a vast amount of unstructured content 10
Insurers can group their unstructured content into three domains of intelligence 11
The three domains of intelligence support a wide range of insurance business applications 12
A HIGH LEVEL DISCUSSION OF SEMANTIC TECHNOLOGIES 14
Semantic technologies enable data to ‘understand’ other data 14
Semantic technology solutions and services require insurers to learn new terms 15
RECOMMENDATIONS 17
Recommendations for enterprises 17
Insurers must overcome several hurdles before being able to successfuilly implement semantic technologies 17
Insurers have to shift several ingrained perspectives about data 18
Recommendations for vendors 19
Build scalable semantic technology software solutions 19
Offer semantic technology solutions that integrate with BI 19
Alternative views 20
APPENDIX 22
Ask the analyst 22
Definitions 22
Further reading 22
Disclaimer 23
List of Figures
Figure 1: A very abbreviated history of human communications 4
Figure 2: The essence of the first
