Eye-Opening Industry Survey Results – What’s New In Homeowners Insurance Ratemaking?

It’s no secret that the homeowners insurance business has historically taken a back seat to the other insurance lines when it comes to pricing sophistication. But now, insurance carriers are investing in their homeowners business as they realize this is an area with household growth potential. Furthermore, by focusing on improving their homeowners pricing precision…

Details

Customer Analytics – The New Fuel for Auto Lenders

Today, there is a lot written about “Big Data” and how the collection and analysis of large data sets can transform business decision making. Data can change the world of sales and marketing, however, there are many challenges in taking advantages of these opportunities. For many companies, there is a need to modernize data environments…

Details

The Digital Banking Experience – Fueling a Pricing Analytics Gold Rush

There is a fundamental transformation happening in consumer retail banking right now. From a reliance on branches (aka. bricks and mortar, stores, etc.), banks are finally putting digital channels at the center of their customer experience. It’s been a long time coming. In fact, I have to confess to writing about the slow death of…

Details

CEO Shares His Thoughts on the Upcoming Earnix Pricing and Innovation Summit

The analytics world is evolving at a rapid pace. For many insurance and banking executives, keeping up with cutting-edge technologies in data-driven, decision-making is challenging. Additionally, there is a lack of relevant industry conferences that allow these topics to be deeply examined in pragmatic terms. We decided four years ago to step in and address…

Details

Insurers Have a Big Appetite for Data, But Are Slow to Digest

With more data sources becoming available, business functions across the organization are realizing the value they can gain from a deeper understanding of the customer. This is clearly not an “IT-thing” or a top-down initiative. In 91% of the companies surveyed, each business function is responsible for data acquisition for its own models.

Details

Predictive Model Maintenance: Why, When and How

Predictive analytics models are extremely valuable organizational assets; they are central to making critical business decisions – whether it is identifying new opportunities or evaluating potential risks. A model that is outdated or underperforms puts decision-makers and their decisions at severe risk for accuracy and reliability, which can ultimately effect bottom-line profitability and cause damage to a business.

Details

Homeowners Insurance Ratemaking Approaches Survey 2014 [Infographic]

In a recent survey conducted jointly with Verisk Insurance Solutions, we asked 99 insurance professionals about their best practices in ratemaking approaches specifically regarding homeowners coverage in the US and Canada. It’s no secret that Homeowners business has historically taken a back seat to the Auto business for insurance carriers when it comes to profitability…

Details

Do I Have Enough Data for Predictive Analytics?

The answer is probably yes. It is 2014 – everybody has heard about “Big Data” and “Data Science,” and everybody has gigabytes and terabytes of data ready to analyze. Over the past few years alone, Google Trends shows that interest in the search term “Big Data” has skyrocketed tenfold. The question is really not about the amount of data…

Details