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Text and Predictive Analytics

Text and Predictive Analytics. Analytic Value Efforts. Reporting = “Having the data” Timeliness and accuracy Reports and Tables Surfacing data with agility Descriptive Analyses = “Seeing the data” Scorecards / Measurements Profiles and Exceptions Segmentation

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Text and Predictive Analytics

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  1. Text and Predictive Analytics

  2. Analytic Value Efforts Reporting = “Having the data” Timeliness and accuracy Reports and Tables Surfacing data with agility Descriptive Analyses = “Seeing the data” Scorecards / Measurements Profiles and Exceptions Segmentation Analytic Modeling = “Knowing the data” Understand Trends Evaluate Business Practices Choice Models and “What ifs” Predictive Analytics = “Acting on the data” Informed decision-making Actionable Information Engines

  3. Convergence of Disciplines Example Never stop learning

  4. Data Types and Forms Structured data Semi-structured data Unstructured data Text Spatial Pictographic Graphic Voice Video

  5. The Evolving World of Data Web of Knowledge Proof, Logic and Ontology Languages (e.g., DAML+OIL) Shared terms/terminology Machine-Machine communication 2010 Resource Description Framework (RDF) eXtensible Markup Language (XML) Self-Describing Documents 2000 HyperText Markup Language (HTML) HyperText Transfer Protocol (HTTP) Formatted Documents Foundation of the Current Web 1990 Based on Berners-Lee, Hendler; Nature, 2001

  6. The DRM Education Pilot Source: Mills Davis, “Smart Search Continuum” in DRM Implementation - Preliminary Strategy, October 11, 2005. DRM = Data Reference Model

  7. ACTIONS • Identify Data Systems • Get right data from right systems • Overcome internal Organizational Barriers • Bridge to legacy systems and archived data • Augment to create rich data mining environment • Expect the need to negotiate for resources Multiple Data Systems which must be pulled together for analysis. Great opportunity for cross-validation and sourcing Vendors/Partners Medical Data - Bill Review - PPO - Case Management - Paradigm Archive, Legacy Systems Current SystemClaim Data External Data Policy Multiple Underwriting Systems Multiple States Billing Systems Finance Systems CRM Systems, other data

  8. Producer Segmentation Market Planning Revenue Forecasting Cross sell and Up sell Retention and Profitability Sales and Distribution Underwriting Claims Risk Selection and Pricing Portfolio Management Premium Adequacy Billing and Collections Management Payment Accuracy Claim Collaboration > Fraud Detection > Subrogation > Risk Transfer > 3rd Party Deductible > Reinsurance Recoverable General Organizational Overview An information business focused on risk taking. Make. Sell. Serve.

  9. Home Office Staff • Field Office UW Staff • Insured Risk Manager • Agent or Broker DESK UNDERWRITER • D&B Data • ISO Data • Application information • Claim loss runs • Hazard mappings • Concentrations of Staff • Premium Auditors • Renewal processing • Legal Staff • …others • Diary forward – “call Agency next week” • Business Rule – large loss review • System Reminder – update renewal pricing • Correspondence Tracking – legal letter sent Policy processing – Underwriting notes and Diaries Make

  10. Company-wide Sales Staff • Product Manager • Insured Risk Manager • Agent or Broker • Voice of the Customer • Customer Feedback • Call Center Notes • Agent Contacts • Billing Systems • Deductible Processing • Premium Auditors • Renewal processing • Diary forward – “call Mr Jones tonight” • Business Rule – DOI Complaint handling • System Reminder – Visit with Client • Correspondence Tracking – legal letter sent Customer Management – Contact notes and Diaries Sell ACCOUNT MANAGER

  11. Home Office Staff • Field Office Claim Staff • Insured Risk Manager • Agent or Broker • Medical Management Staff • Special Investigation Unit • NICB • Vendor Management • Consulting Engineers • Hearing Representative • Structured Settlement Unit • Recovery Staff • Legal Staff • Diary forward – “call Dr Jones next week” • Business Rule – large loss review • System Reminder – update case reserves • Correspondence Tracking – legal letter sent Claims processing – Progress notes and Diaries Service CLAIMS ADJUSTER

  12. See for yourself ---The importance and relevance of text Source: U.S. Department of LaborOccupational Safety & Health Administration Accident Report DetailAccident Investigation Summaries (OSHA-170 form) which result from OSHA accident inspections.

  13. Same Problems – Different Lines of Business • Personal – Auto, HO, Umbrella • Small Commercial – BOP, CPP • Middle Market Commercial – CPP w/GL, CP, Crime, CIM, B&M, WC, Auto • Large Commercial Accounts • Commercial Auto • Workers Comp • Umbrella/Excess • Specialty Lines – D&O, EPL, E&O, Farm, FI

  14. Predictive Modeling Projects you should do Loss Control Fraud Prevention Property Inspections Assess Work sites Re-underwriting Cost Avoidance Automate Manual Work Appetite Qualification Underwriting Guides Redundant Processes Vendor Sourcing Spend Analysis Cash-flow Opportunity Subrogation Credit to Loss Third Party Deductible Premium Audit (Comm) Account Identification Audit Ordering Insured to Value (PI) Better Decision Making Risk Selection Renewal (Attrition) New (Acquisition) Cross-sell & Up-sell Portfolio Management Broker/Agent Profiles Medical Management Litigation Management Large Loss Reserving Improved Collaboration

  15. The Challenge:

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