Insurance

Nice article on predictive analytics in insurance

January 5, 2012

Patrick Sugent wrote a nice article on A Predictive Analytics Arsenal in claims magazine recently. The article is worth a read and, if this is a topic that interests you check out our white paper on next generation claims systems or the series of blog posts on decision management in insurance that I wrote after I did a [...]

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First Look – SAS Enterprise Miner 7.1

November 11, 2011

I got an update on Enterprise Miner™ from the folks at SAS recently. Enterprise Miner is their development tool for data miners and predictive analytic specialists and is a graphical environment for designing and executing the steps in the creation of a predictive analytic model. Enterprise Miner 7.1 was part of the SAS 9.3 release [...]

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Smarter Customer Analytics and Decision Management with IBM

June 2, 2011

We got a quick overview of SPSS Decision Management (see my post on SPSS DM 6 or indeed the whole blog for my view of this). SPSS Decision Management combines predictive analytics, business rules and optimization/simulation to optimize high volume decisions like “should I search this car at the border” or “should I investigate this [...]

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Predictive Analytics World Presentation: Next Generation Claims Systems

May 17, 2011

[ October 19, 2011; 7:45 am to 8:05 am. ] I am giving a presentation on “Next Generation Claims Systems” at Predictive Analytics World in New York on Wednesday October 19 at 10:45am Eastern.

Today’s insurance claims systems deliver value by increasing efficiency through process automation and workflow. The use of manual decision points within these processes and systems, however, creates bottlenecks and under-utilizes company expertise. [...]

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Extracting and designing a cross-channel decision in Insurance – an example

May 11, 2011

Some weeks back I wrote a series of posts on the role of Decision Management in Insurance. One post was called multi-channel distribution and customer communication and outlined how Decision Services that automate customer decisions improve customer treatment in a multi-channel world by improving their accuracy, timeliness and consistency.
The diagram at left shows how this [...]

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Increasing customer satisfaction in claims processing with rules and process

April 12, 2011

Final IBM IMPACT session for me this year is If P&C Insurance talking about the role of process and rules in claims processing. If is the largest property and casualty insurer in the Nordic region and covers all sorts of risks across personal and commercial lines of business. Insurance Customer Satisfaction can seem like an [...]

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WebSphere Process Server and JRules United

April 12, 2011

Westenrot and Wurttembergbische AG is a German financial services company covering insurance, home loans and savings. W&W had a set of business processes for order processing across all the products sold by the bank. These processes validated, completed and stored the order data and then generate a PDF to send to the customer/archive and update [...]

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Nationwide Implements a Business Rules Solution to Improve Financial Processes Across the Enterprise

April 12, 2011

Three folks from Nationwide Insurance introduced their ILOG business rules implementation. Nationwide is one of the largest insurance and financial services companies with multiple brands offering products in property and casualty, mortgages, lines of credit, retirement plans and more. They are 124 on the Fortune 500, 16M policies and 32,000 staff. This project focused on [...]

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First Look – Eagle Eye Analytics

March 30, 2011

Eagle Eye Analytics is an analytics company offering advanced predictive modeling to the Property and Casualty insurance market. The company was formed 4 years ago and has been marketing a machine learning SaaS product for the last three years. The company prides itself on selling solutions to clients the way they want to buy them [...]

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5 ways predictive analytics cuts enterprise risk

March 14, 2011

Eric Siegel opened Predictive Analytics World with a view of using predictive analytics in enterprise risk management. Eric began by giving some examples of “macro” risk – single, catastrophic risk events. But his focus, and the focus of predictive analytics, is on “micro” risk – risk-based micro decisions in my terminology. These are risk decisions [...]

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SAS product portfolio and roadmaps

March 7, 2011

Warning, long post follows – SAS has a lot of products and even this summary was a lot. A big session on the product portfolio – 2010 and 2011 highlights in some specific focus areas. New releases in 2010 included:

Customer Link Analytics – released in Q1 this product focused on using links between customers to [...]

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SAS Vertical Strategy

March 7, 2011

Focus of the presentation from Russ Cobb was Banking, Insurance, Retail and Government.
Banking first. Lots of releases this year primarily around Enterprise Risk Management, Governance Risk Compliance, Customer intelligence, fraud and financial crime solutions. Key customer issues for SAS in banking:

Customer Growth
How do you identify, grow and manage your most profitable customers. Big focus for [...]

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Decision Management and Insurance – Business Optimization and Governance

February 24, 2011

Strategy Meets Actions’ research reports that insurers have tens, hundreds, even thousands of initiatives. To achieve these goals, aligning the business and IT is critical, as is setting the right priorities, and ensuring technology investments support these priorities.
Decision Management focuses on the key business decisions, and moves away from a focus on functional processes and [...]

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The state of play in automating insurance claims

February 23, 2011

Talking about claims and using Decision Management to improve claims I recently caught up with Donald Light of Celent. Donald recently wrote a new report for Celent – Claims Systems Vendors, North American P/C Insurance 2011. This is the most recent update of the Celent study that evaluates vendors in the claims processing space. The [...]

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Decision Management and Insurance – Capitalize on Intelligence to Manage Losses

February 23, 2011

Many insurers have been investing heavily in claims systems to reduce costs and improve efficiency, implementing claims processes and web-based claims systems. These validate claims before submitting them and use workflow to reduce costs and improve efficiency. The growth in data volume in claims has led to increased use of analytics and using claims data [...]

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Decision Management and Insurance – multi-channel distribution and customer communication

February 22, 2011

Insurers face an explosion of direct sales channels: websites, mobile and call centers, with the rapidly evolving world of social media opening up even more opportunities. Driving consistent customer treatments and profitable direct sales across dynamic distribution channels, while effectively managing risk, is a huge challenge. As Deb pointed out, linking all customer communication together [...]

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Decision Management and Insurance – Rethink Legacy and Fast Path New Product Development

February 17, 2011

Insurers face huge challenges with their installed base of legacy mainframe applications.  Many systems are 15-20 years old and are impeding insurers’ ability to respond to the market demands for new products and to the increased rate of consumerization. Maintenance costs are high and staffing challenges continue to mount.
Growing consumer buying power will force property [...]

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Decision Management and Insurance – Apply Smarts to Underwriting

February 16, 2011

When companies use Decision Management to put data and analytics to work in underwriting, the results are dramatic. For example, one insurance company with about 750,000 policies implemented Decision Management and risk-based underwriting for use across its channels. The company achieved an 8-point reduction in combined ratio in its first year. This was the result [...]

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Decision Management and Insurance – Putting the Data To Work

February 15, 2011

At the core of the Top 10 Imperatives for Insurers is putting the data to work – across channels, in day-to-day operations, in customer interactions and more.  Putting data to work means leveraging the historical data you have about your operations, performance and policy holders to systematically increase the value of your corporate decision assets. [...]

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Decision Management and Insurance – A Series

February 10, 2011

Insurers face new and growing challenges as the market moves into recovery in 2011: more delivery channels, demographic shifts, a changing competitive landscape and a rapidly evolving regulatory and compliance environment. Many insurers are faced with meeting this challenges hampered by inflexible legacy applications, underutilized data from internal systems and external sources, and manual spreadsheets [...]

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