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Predictive Modeling In Insurance: An insurance industry executive briefing

Price: Free
Report Format:
Posted: March 23, 2007

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This white paper discusses how the demand for predictive modeling in insurance is on the rise and can be expected to increase as more uses for modeling are identified. Virtually every aspect of the insurance organization can be improved through the use of models. The Actuarial department represents a significant opportunity for the application of predictive models for pricing, risk selection, and reserving. Other areas of potential include Claims, Underwriting and Marketing where models are currently used by some organizations for consumer response, cross-selling, customer retention, decision automation, and subrogation optimization. Outside of actuaries and some market researchers, there is relatively little modeling expertise within the typical insurance company. Many companies rely on vendors for their modeling needs and this undoubtedly will continue.


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