Part 1: What to Consider Before Embarking on Your Own Initiative
To bolster their competitive advantage, insurers are continually looking for innovative ways to better manage risk across their portfolios. In the past few years, there has been a lot of buzz about predictive modeling and its uses, potential, and benefits. After seeing the successful application of this technology in the financial services, meteorology, and air traffic control fields, some insurers have taken the initiative to develop and implement their own predictive modeling solutions for insurance marketing, risk assessment, claims, premium audit, agency management, and customer management. But what is predictive modeling? Is it right for your company and business objectives? What are all the factors you need to consider before embarking on a predictive modeling initiative? What are the steps involved? What types of resources will be needed? What level of executive commitment is necessary? What type of constraints might you face in the regulatory or legislative arenas? Part 1 will provide an informative overview of predictive modeling and a primer for developing your own predictive modeling initiative.

Part 1 Webinar Presenters
Darlene Pogrebinsky, CPCU
ISO Innovative Analytics

Dale Halon, CPCU, CIC
ISO

Part 2: Building and Evaluating a Predictive Modeling Solution Internally
In addition to everything you need to weigh before embarking on your predictive modeling initiative, there are plenty of factors you need to consider when it comes to building and evaluating your model. What are the factors that should go into your “build or buy” decision? If you buy, what are the pros and cons of buying an industry model versus a customized model? What’s involved in the data gathering, prepping, and testing efforts during the pre-modeling phase? What goes into building or customizing your model? Once built, how do you evaluate the model’s performance and sensibleness to what you are trying to predict? And, finally, how do you go about implementing the model into your operations? Part 2 will provide a non-technical, non-mathematical overview of developing predictive modeling solutions.

Part 2 Webinar Presenters
Glenn Meyers, FCAS, MAA, Ph.D.
ISO Innovative Analytics

Dale Halon, CPCU, CIC
ISO