Predictive Analytics in Insurance

One of the key factors in being profitable as an insurance carrier is being able to predict the future – when writing a policy, for instance, being able to anticipate what the loss experience on that business will be. To help with this, insurers are turning to predictive analytics to identify trends and apply these results to their business. Effective use of predictive analytics helps insurers price more accurately, write more profitable business, identify fraud more easily, avoid adverse selection, and manage their exposure to catastrophic events more effectively.

Perhaps the classic example of predictive analytics is the use of credit scoring in personal lines. When insurers first identified a connection between poor credit history and loss history, many began to develop scoring models based

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Master Data Management – Foundational Tips, Part 3

by Anne Marie Smith, Ph.D.

The last installment of Master Data Management Foundational Tips includes my final three points.  Here are points 8-10 (to see Points 1-7, read my earlier blog posts).

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Master Data Management – Foundational Tips, Part 2

by Anne Marie Smith, Ph.D.

As we mentioned in our last installment of Master Data Management Foundational Tips, there are several major points to consider in creating an MDM strategy and implementation.

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Master Data Management – Foundational Tips, Part 1

by Anne Marie Smith, Ph.D.

Every organization has master data, but many organizations do not manage it to gain the benefits that master data can provide.  Generally, master data is defined as the commonly used subject areas (customer, product, etc.) and often includes the organization’s reference data.  Some publications refer to the topic as “Master and Reference Data Management”.

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A New Year – A New Start for Managing Data

by Anne Marie Smith, Ph.D.

At the close of each year, many people make resolutions, setting one or more goals they would like to achieve in the next 12 months.  Most of these resolutions are personal, and many are focused on the improvement of some aspect of their lives, such as fitness or health or home cleaning and renovations.  Succeeding at these resolutions requires some tools, techniques, methods – and a resolve to change what has been done in the past.

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A Standard P&C Data Model – Useful?

In the near future a team of P&C insurers, product vendors, and consulting organizations will be submitting a data model to the Object Management Group (OMG) for consideration as an industry standard. Getting to the point of being able to submit the model is one of the more memorable moments of my career. The dedication of the industry subject matter experts and data models and the generosity of peoples time and knowledge has been inspiring. So why are we doing this?

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