Culture vs Data – Finding the Right Balance for Effective Predictive Modeling

In a prior blog post on aligning predictive model development with the product development lifecyle, I shared that, when developing a predictive model, a large amount of data is required. The point is, commercial lines carriers need sufficient performance data …

Aligning Predictive Model Development with the Product Development Lifecycle

A few best practices can make developing predictive models achievable for any carrier, regardless of the level of predictive modeling expertise. As I explained in my previous post, following a structured development process that aligns with the four-stage product development …

Best Practices When Applying Predictive Modeling to Small Commercial Insurance Risk Assessment

A small commercial underwriting vice president attends a predictive modeling seminar, does some additional research, and comes to believe implementing a model is critical to the business’s success. However, when faced with broaching the idea to the organization, the VP …

Predictive Analytics: Opportunities for Maximizing Cross-Sell and Enhancing Customer Lifetime Value

P&C carriers have known for some time that a surefire way to achieve sustainable growth is to convert monoline policy holders to bundled policies. Recent consumer behavior and insurance shopping studies conducted by LexisNexis have highlighted the increasing popularity of …