predictive modeling News

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 …

Sci-Fi Policing: Predicting Crime Before it Occurs

Los Angeles police are aiming to beat suspects to the scene of a crime by using computers to predict where trouble might occur. The Los Angeles Police Department is the largest agency to embrace an experiment known as “predictive policing,” …

How Predictive Modeling Has Revolutionized Insurance

The use of predictive modeling has forever changed the way insurance policies are priced. The revolutionary tool allows insurers to design ever-more-sophisticated models that tap ever-more-detailed data sets to refine precisely how much each customer should be charged. Casualty actuaries …

New Analytic Methods Provide Statistical Insight Into Distracted Driving

Distracted driving has grabbed headlines recently as a consensus emerges around the risk posed by drivers using cell phones. A presentation at the Casualty Actuarial Society’s Ratemaking and Product Management Seminar held last month showed how new analytic methods are …