modeling

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 >
Our aspiration at Guidewire Cyence is to enable insurers to establish themselves as the ultimate cyber risk transfer destinations for their clients. Guidewire Cyence Risk Analytics is the most advanced cyber solution available—an economic cyber risk modeling solution that adjusts as the cyber landscape shifts. Guidewire Cyence continuously gathers data and updates economic models based on changing circumstances, delivering tangible benefits to insurers and their customers as they face the volatility generated from evolving 21st-century risks. ... Read More >
Cyber attacks have become the most prominent threat or disruption to business entities in recent years. Corporate entities are concerned about damages to their brands, the stability of revenues, and the safety and privacy for their employees and customers because criminals have become more sophisticated at figuring out standardized security and evading defenses. Specifically, cyber attacks present unprecedented challenges to 21st century enterprises because of the speed of occurrence and severity of damage, along with the enterprise’s vulnerability to keep up with the evolving complexity and volume of cyber threats. ... Read More >
How do you price a product when you do not know how much it costs to produce? This is a problem the insurance industry faces every day. While most industries know the cost of materials, labor, and profit margin to calculate the price of their products, insurance does not know the cost of the product when it is sold. The true cost of the product may not be known for many years once all the claims have been paid.... Read More >
We all agree that predictive modeling is a powerful tool that can help us make better business decisions in every segment of the P&C insurance value chain. Daily we come across all kinds of industry statistics on how P&C carriers are planning to increase their investment in predictive analytics and where they are planning to invest. The ‘how we do it’ is equally important as the ‘what we do’.... Read More >
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