Nationwide Mutual Insurance Company, headquartered in Columbus, Ohio, is one of
ID: 3677204 • Letter: N
Question
Nationwide Mutual Insurance Company, headquartered in Columbus, Ohio, is one of the largest insurance and financial services companies, with $23 billion in revenues and more than $160 billion in statutory assets. It offers a comprehensive range of products through its family of 100 plus companies with insurance products for auto, motorcycle, boat, life, homeowners, and farms. It also offers financial products and services including annuities, mortgages, mutual funds, pensions, and investment management. Nationwide strives to achieve greater efficiency in all operations by managing its expenses along with its ability to grow its revenue. It recognizes the use of its strategic asset of information combined with analytics to outpace competitors in strategic and operational decision making even in complex and unpredictable environments.
Historically, Nationwide’s business units worked independently and with a lot of autonomy. This led to duplication of efforts, widely dissimilar data processing environments,and extreme data redundancy, resulting in higher expenses. The situation got more complicated when Nationwide pursued mergers or acquisitions. Nationwide, using enterprise data warehouse technology from Teradata, set out to create, from the ground up, a single, authoritative environment for clean, consistent, and complete data that can be effectively used for best-practice analytics to make strategic and tactical business decisions in the areas of customer growth, retention, product profitability, cost containment, and productivity improvements. Nationwide transformed its siloed business units, which were supported by stove-piped data environments, into integrated units by using cutting-edge analytics that work with clear, consolidated data from all of its business units. The Teradata data warehouse at Nationwide has grown from 400 gigabytes to more than 100 terabytes and supports 85 percent of Nationwide’s business with more than 2,500 users.
Describe the challenges presented for Nationwie, describe the BI solution implemented, and what do you think were the dependencies on the information technology infrastructure that gave success to the BI solution?
Explanation / Answer
The various challenges presented for Natinwie are:
1.The indivisual units do not have much interaction among each other.
2.Data within each unit may not be secure .It can be hacked and can be used by other comepetitors.
3.Too much expenses being incurred as a result of indivisual units.
4. No coordination in work and combined meeting to discuss business.
The best business solution involves:
1.Having a well experienced and qualified analytics teams of managers.
2.All the units should be be combined into a large organization reducing expenses .
3.This will help in all the managers to sit and discuss and perform the analysis which is very important for an organization.
4.This will help employees to work with managers and collectively plan and help in the overall profit of the organization.
5.The organizations should have a database system of vendors and interact with them properly.This will help in business in an organized way.
6.Moreover information can be kept secure using intrusion detection systems and antispyware softwares.The information is extremely important and it must be carefully monitored.
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