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ABSTRACT:
With the insurance industry relying heavily on predicting costs, insurers are increasingly using predictive modeling technology to make better decisions about risks and expenses. Nearly every aspect of an insurance organization can be improved through the use of models. Read this paper to learn how leveraging a predictive model can allow your organization to improve pricing, risk selection and reserving through a basic understanding of the insurance industry's current modeling strategy.
This paper discusses the use of predictive modeling in four primary business areas of the insurance industry; actuarial, marketing, underwriting and claims. Learn how leveraging a predictive model in your organization can allow you improve the following areas:
- Consumer response
- Cross-selling
- Customer retention
- Decision making
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