Oct
15
2020

Collecting and analyzing data does not provide business value. Improved business processes that are more accurate and efficient provide business value. Without embedding a predictive model into a relevant business process, all the work and cost put into predictive analytics will be for nothing. Yet the implementation of predictive models has been an afterthought for many insurers.

Tags: insurance, innovation, data, predictive analytics, modeling
Oct
09
2020

Business intelligence looks at historical data to provide information about a company’s operations and performance. This can provide valuable insight but has limitations for predicting the future. Simply looking at historical patterns does not tell us how much of what we see in the data is a reliable pattern that can be depended on to continue – what we will refer to as “Signal” – and how much is due to random chance or unknown variables – what we will refer to as “Noise”. 

Tags: insurance, innovation, business intelligence, data, analytics, predictive analytics, modeling, BUILD
Oct
08
2020
Auto claims satisfaction reaches record high. 
Tags: insurtech, innovation, disruption
Oct
02
2020

Data is a purpose-driven asset. It is collected for specific reasons to meet specific needs. The structure of a given set of data is driven by the immediate purpose as well. Data models used to create efficient daily processing are not those used for efficient storing, and yet the structures which facilitate easy access for reporting and business intelligence are different.

Tags: insurance, predictive analytics, data
Oct
01
2020

At the time of this blog’s publication, Guidewire customers are processing tens of thousands of insurance claims for the devastating wildfires in California, Oregon, and Washington.  The claims are not just for homes and businesses destroyed, but also for smoke contamination, contents damage, and living expenses due to evacuation orders. 

Tags: insurance, wildfire, underwriting, homeowner, catastrophe, data, analytics
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