Chris Cooksey

As the Head Actuary for Data and Analytics, Chris Cooksey is Guidewire’s predictive analytics actuarial expert for the Global Client Solutions group.

It has been difficult for the insurance industry to formulate a proper vision for their use of predictive analytics. Executives who set their company’s direction tend not to understand the scope of what is possible and lack direct experience with the benefits and challenges. Conversely, those who do have more experience and understanding tend not to be in a position to establish a corporate-wide vision. ... Read More >
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. ... Read More >
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. ... Read More >
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”.  ... Read More >
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. ... Read More >
Insurance companies are organic institutions that evolve over time. The industry trailblazers in using predictive analytics faced new challenges and had to find their own solutions, but they experienced the benefit of first-mover status. Because the technology available was simultaneously evolving at a rapid pace, competitive advantages were found in investing in cutting-edge expertise and tools. ... Read More >
The current COVID-19 outbreak and mitigation efforts around the globe have impacted nearly every part of life, and P&C insurance is no exception. With vast numbers of people in the United States working from home, sheltering in place, and driving much less, we continue to look at how the resulting reduction in exposure from these mitigation policies is significantly impacting bottom lines for personal auto insurance. ... Read More >
The current COVID-19 outbreak and mitigation efforts around the globe have impacted nearly every part of life, and insurance is no exception. While many industry experts have hypothesized about the overall implications for the P&C sector, and insurers are analyzing their books of business, we at Guidewire are extrapolating from transactional data to better understand emerging patterns. ... Read More >
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