Predictive Analytics

Effective Analytic Strategies Start with the Data

Over the last decade or so, the role of predictive analytics in the property/casualty insurance industry has evolved into a critical component for success. That trend is only going to increase in the years ahead, as...

Claims Fraud Detection: What Are Your Priorities?

Claims fraud may occur in only 2 percent of claims, according to some estimates, but early detection — and prevention — are growing in importance. Why? According to a new study by Celent, as reported in Insurance...

The Sauce of Success

Companies must develop the drive to evolve and the passion to survive and thrive in the current business environment. Today's economy will not tolerate a static strategy. Only those companies that embrace improvement...

Organized Insurance Fraud: Florida Leads Top 10

Questionable claims from organized fraud have surged over the past few years. Despite an 11 percent dip from 2010 to 2011, overall activity rose 47 percent from 2008 to 2011, according to the Insurance Information...

Most Carriers Not Fighting Fraud at Point of Sale

The March 2013 issue of Best’s Review has a good article titled “A New Approach.” (Note: The online magazine is available only to subscribers.) The article points out that most carriers are not detecting the majority ...

Adopting Advanced Analytics: Consider the True Business Implications

Property/casualty insurers have long been engaged in a fierce battle for market share across all lines of insurance — from personal and commercial auto and property policies to workers' compensation and general...

The Cost of Opportunity

Last month, my colleague David Cummings and I contributed an article to CarrierManagement.com titled Analyzing Analytics: When Does Value of Predictive Modeling Outweigh Expense? It’s become clear that personal lines...

Seven ISO Experts to Speak at Upcoming CAS Seminar

The CAS Ratemaking and Product Management (RPM) Seminar — scheduled for March 11 to 13 in Huntington Beach, California — will feature as speakers and moderators seven actuarial experts from ISO. Among them is David...

Claims Modernization: Are You Prepared for Emerging Risks?

New risks and claims scenarios are routine in the insurance industry today. For the claims department, that means being able to understand new factors that contribute to a loss. New risks also involve new ways scammer...

Claims Modernization: Big Data, Big Opportunity

For many claims departments, the problem isn’t data — rather, the challenge is what to do with it. Insurance companies, for years, have become adept at generating data suited for further analysis and insight. However,...