Olap News

Regulatory developments mean that failure to make proper use of business intelligence systems and actuarial consultancy to assess risk could lead not only to significant financial losses but also to disciplinary penalties for insurance underwriters and brokers, according to leading accountant and consultant Moore Stephens. designed to support the development of effective reserving and forecasting procedures. They are now an essential part of insurance industry practice. analytical and risk management services. Steve Downing says, "The insurance industry must embrace a centralized approach to risk management, one which has the ability to analyse data in a flexible way, to search for trends and patterns, to analyse productivity and to help business planning and forecasting.

Moore Stephens has been commissioned by Lloyd's insurance and reinsurance underwriter Goshawk Insurance Holdings to design and maintain an online business management system. The project involves using state-of-the-art On-Line Analytical Processing (OLAP) and Data Warehousing techniques, in which Moore Stephens is a market leader, to improve the speed and quality of dissemination of management information. The first phase of the project, which involved identifying the objectives, establishing the internal infrastructure, and personnel training, has already been completed.