predictive modeling News

Colorado Bill Prohibits Insurer Use of ‘Discriminatory’ Data

DENVER (AP) — Colorado lawmakers are considering a bill that would prohibit insurance companies from using consumer information collected from outside sources such as social media and court and home ownership records, if used in a discriminatory way to determine …

Analysts Say Cat Models Would Encourage Wildfire Mitigation Measures

Predictive modelers told California regulators on Thursday that the state’s antiquated rules for calculating wildfire risk when setting property insurance rates discourage innovative mitigation measures that could ultimately reduce losses. Nancy P. Watkins, a principal and consulting actuary for Milliman, …

Deadly Australia Fires Spur Calls to Mitigate Disaster Risk

As the devastation from Australia’s bushfires widens, the insurance industry is calling for concerted action to mitigate the impact of climate change. Months of out-of-control fires have burnt an area more than five times the size of Wales and industry-wide …

Business News: FloodMapp, Ironshore, Sedgwick

FloodMapp Announces U.S. Launch of Flood-Prediction Technology FloodMapp, a firm founded in Brisbane, Australia that provides predictive flood modeling, will soon offer its product in Texas and Florida. The company said in a press release that FloodMapp uses a proprietary …

Why Analyzing Unstructured Data Benefits Every Claims Manager

If you’re just catching on to the fact that big data is shaking up the insurance industry in a big way, you’re a bit behind the curve. Across all industries, almost 90 percent of large companies say big data is …

Predictive Analytics Help Wayward Workers’ Comp Claims

High complexity claims account for the majority of dollars spent in workers’ compensation claims. One way to identify high exposure claims early is by using predictive analytics. Using analytics, carriers can spot problem cases and direct them to a more …

Travelers’ New Predictive Model Targets Chronic Pain, Opioid Use

In response to rising chronic pain claims, Travelers announced the development of a new patent-pending predictive model designed to identify claims and workers most at risk. The company, which developed the Early Severity Predictor (ESP) program, manages more than 250,000 …

Survey Reveals Predictive Modeling Important to P&C Insurers

Property & casualty (P&C) insurers acknowledged that the capture and transformation of data into useful information has turned into a critical differentiator of performance within the P&C insurance marketplace, according to a new survey by global professional services company Towers …

Predictive Modeling, Text Mining Most Popular Anti-Fraud Weapons

For insurers facing increased organized insurance fraud, predictive modeling and text mining will be the primary anti-fraud technology investments anticipated by insurers over the next two years, according to a survey by the Coalition Against Insurance Fraud (CAIF), which polled …

W. R. Berkley Appoints Larson Vice President

W. R. Berkley Corporation, an insurance holding company, announced the appointment of Aaron M. Larson to the office of vice president. In this new corporate role, he will be responsible for predictive modeling, providing technical expertise and advice in designing …