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.

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 A model that is outdated or underperforms puts decision-makers and their decisions at severe risk for accuracy and reliability, which can ultimately effect bottom-line profitability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.

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…

Google Trends Search for Predictive Analytics

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…