The insurance industry boasts some of the most sophisticated modeling capabilities in the world. And yet the average property underwriter does not have access to the kind of predictive tools that carriers use at a portfolio level to manage risk aggregation, streamline reinsurance buying and optimize capitalization.
The insurance industry stands on the precipice of change, with waves of innovation and disruption driving new possibilities across all departments, including pricing, underwriting, claims, and fraud.
This webinar recording of a live panel debate is ideal for insurance professionals wanting to understand how best to unlock the possibilities created by advanced analytical techniques such as Artificial Intelligence (AI), Machine Learning (ML), and others.
This TIBCO and Marketforce webinar on “The Fourth Industrial Revolution in Insurance” includes speakers Ian Thompson, chief claims officer at Zurich; David Williams, chief underwriting officer at AXA; and Clare Lunn, GI fraud director at LV=. The panel discusses:
Moving towards the algorithmic insurer: the opportunities created by AI and ML
How insurers can become more agile in the face of new innovations and disruptive technologies
How the industry can turn structured and unstructured data into insights
To create a centralized and standardized, user-friendly system that enables internal and independent insurance agents to make precise and consistent policy quotes and uniform underwriting decisions, ACG adopted FICO's Blaze Advisor decision rules management system.
"ACG Michigan, a large auto insurance underwriter in the US state of Michigan, needed a user-friendly system that would enable its agents (internal and independent) to churn out precise and consistent policy quotes and underwriting decisions. They turned to FICO Blaze Advisor decision rules management system to create an enterprise decision management framework to execute decisions.
Learn more on how FICO Blaze Advisor helped ACG Michigan automate its underwriting
FICO (NYSE: FICO), formerly known as Fair Isaac, is a leading analytics software company, helping businesses in 90+ countries make better decisions that drive higher levels of growth, profitability and customer satisfaction. The company's groundbreaking use of Big Data and mathematical algorithms to predict consumer behavior has transformed entire industries. FICO provides analytics software and tools used across multiple industries to manage risk, fight fraud, build more profitable customer relationships, optimiz
ACG Michigan, a large auto insurance underwriter in the US state of Michigan, needed a user-friendly system that would enable its agents (internal and independent) to churn out precise and consistent policy quotes and underwriting decisions. They turned to FICO Blaze Advisor decision rules management system to create an enterprise decision management framework to execute decisions.
Insurers must combine information from disparate systems, applications, and business units to create an enterprise view of risk. By developing a process to incorporate geocodes into location intelligence, insurers can build a more accurate assessment of risk.
Since the earliest days of the industry, insurance companies have faced a
never-ending struggle: processing the voluminous amount of paperwork that
underwriting, claims, and compliance require. But the days of enduring the
burdens caused by mountains of paper can become a distant memory. By
investing in new, proven methods of converting paper documents to readable
digital formats, insurance organizations can fully automate document processing
to accelerate workflows, minimize processing times and enable more efficient
Ecclesiastical uses SAS® to improve data quality to make better decisions that enhance the reputation of the business, affect millions of pounds of risk selection/underwriting and help to establish optimum reinsurance levels.
Millions of pounds hang on decisions around reinsurance and risk selection. Achieving the best possible outcome means taking data and turning it into ‘decision-making gold’. The key is to have good data going into the process.
"Ever wonder how FICO Blaze Advisor moved a US Insurance Company from 100% manual to 99% automated underwriting?
FICO Blaze Advisor decision rules management system created a central, standardized and user friendly system for ACG Michigan"