Guidewire’s Approach to Predictive Analytics, Part Five: Monitoring

Predictive analytics involves just that: prediction of the future. It is an inherently uncertain activity. While there are any number of metrics that can convince that a predictive model will indeed provide useful information, nothing proves the value to an organization as much as a verified success story. In addition, even good predictive models can begin to deteriorate over time as the data on which it is based gets older and older. A need exists to track this to know when to update a model.