ORSA seems very similar to the process for calculating the regulatory financial buffer the ‘Solvency Capital Requirement’ but there are differences – Simon Kirby explains.
With many insurers pursuing an analytical fraud detection solution, a common question arises: Buy a solution or build one internally?
Mark Schneider and Chase Zieman work with the Highway Safety Committee at Louisiana State University. They won the Analytics 2012 poster contest by demonstating how to predict insurance claims fraud.
Insurers increasingly rely on high-performance analytics to predict future behavior and determine product pricing, as it processes the growing volumes of data faster than traditional approaches. Read more in this article.
The primary benefit of an improved claims recovery process is the impact to your bottom line, but a truly great secondary benefit is the positive affect on customer satisfaction. Read Stuart Rose’s post about optimizing your claims recovery process.
Also tagged claims, insurers
Allianz CIO John Knowles discusses the role IT has in ensuring that the business has the data it needs in a way that it can use it: My role as the CIO is to build a collaborative relationship with the business units, insuring that the units have what they need when they need it.” He says there’s a whole new world of information out there; our job is to figure out how to use it.
Stuart Rose, Global Insurance Marketing Manager at SAS, takes a look back at 2011 with an inimical term. He uses annus mirabilis – I’ll let you look it up. For SAS, it describes our year to a tee. Does it describe your year as well?
Today, predictive modeling and forecasting are used by actuaries for pricing, but few insurance companies have applied analytics in real-time or near-real-time operational environment. The “analytical insurer” is using analytics throughout its organization to improve business performance and reduce risk.
It will be many years before the Dodd-Frank Act has been deemed a success or just another compliance burden. Read about the role of the Federal Insurance Office and its potential for streamlining rules and regulations for insurers.