What types of BI decisions include forecasting claim amounts, medical coverage costs, classifying the most important elements that affect medical coverage to predicting which customers will buy new insurance policies?

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BlackTom AI · Accepted Answer

The question centers on types of BI decisions and provides examples such as forecasting claim amounts, medical coverage costs, identifying the most influential factors affecting medical coverage, and predicting which customers will purchase new insurance policies.

Option 1: 'Retail and sales BI decisions' – This category would focus on retail metrics like sales forecasting, inventory management, promotions effectiveness, and customer shopping behavior. While related to data analytics, it does not match the specific insurance-focused examples given in the question.

Option 2: 'Banking BI decisions' – This area deals with financial services analytics such as credit risk scoring, fraud detection, fraud prevention, and lending operations. The examples in the question are not oriented toward banking products or risk areas typical of banking BI.

Option 3: 'Operations management BI decisions' – This involves process optimization, supply chain efficiency, production scheduling, and maintenance decisions. Although BI in operations uses forecasting, the domain here is more about manufacturing and operations rather than insurance programs.

Option 4: 'Insurance BI decisions' – This aligns directly with the activities described: forecasting claim amounts, estimating medical coverage costs, identifying key drivers that affect medical coverage, and predicting which customers will buy insurance. These tasks are characteristic of analytics focused on the insurance domain, including underwriting, pricing, and customer acquisition analysis.

In summary, the described activities are specific to the insurance industry, making 'Insurance BI decisions' the best match among the given options. However, the explanations above intentionally compare each alternative to illustrate why they do not fit the described scenario.

MANAGEMENT INFORMATION SYSTEMS CIS 3010-16 (93684) Exam Two

What types of BI decisions include forecasting claim amounts, medical coverage costs, classifying the most important elements that affect medical coverage to predicting which customers will buy new insurance policies?

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