Control Costs and Increase Efficiency With P&C Claims Predictive Models

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  387760TMX $199.00 USD Add to Cart
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 82 Min. Audio MP3 - No shipping cost
   387760POD $199.00 USD Add to Cart
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Benefits

Nearly every P&C insurance company has a latent 6 to 8 loss ratio point improvement available to them through better claims handling with predictive models. Up until recently, insurance companies have focused the vast majority of their analytics horsepower on the front end of the insurance equation - underwriting predictive models. However, with the soft market continuing to adversely impact financial results, companies are beginning to leverage analytics to help address the 70 to 80 cents of every premium dollar that gets spent on claims. This live audio conference will discuss how companies leverage advanced analytics, internal company data, external third-party databases and 'homemade' synthetic data to help claims adjusters take preventative actions earlier in the lifecycle of a claim. From first notice of loss and resource assignment, to the identification of potentially fraudulent claim activities, models are clearly changing the claims handling world. This presentation will help the audience understand the analytics evolution, provide an introduction to how predictive models, particularly claims models, are constructed and how they work, and discuss how organizations should develop and leverage first notice of loss and 'through time' claims predictive models to identify the right claim channeled to the right resource at the right time.


Agenda

The Rise of Analytics
  • Drivers Behind the Analytics Revolution
  • Analytics in Our Daily Lives
  • Analytics for Insurance and Insurance Claims
Predictive Modeling Overview
  • The Predictive Modeling Framework
  • Data Mining - One-Way Variable Analysis – Testing 'Tribal Wisdom'
  • Predictive Model Development – The Multivariate Model – The Famous 'Lift Curve'
Claims Predictive Modeling
  • How Widely Is It Being Used in P&C Insurance
  • What Is It? – The Right Claim for the Right Resource at the Right Time
  • Internal, External and Synthetic Data – Finding the Right 'Mix'
  • The Types of Predictive Models and Key Considerations
  • Leveraging Predictive Model Output – Bring Scores to Life in an End-to-End Way
  • The Full Execution of Predictive Models – End-to-End Strategy, Development, Delivery, Execution
  • The Hard and Soft Benefits of Claims Predictive Models
  • Structuring a Project - Pilots and Full Projects

Faculty

Kevin Bingham, ACAS, MAAA, Deloitte & Touche USA LLP
John Lucker, Deloitte & Touche USA LLP

Kevin Bingham, ACAS, MAAA
  • Principal in the Hartford office of Deloitte Consulting’s Actuarial, Risk and Analytics Practice and leader of the Claims Predictive Modeling and Medical Professional Liability Practices
  • Practice emphasizes all aspects of risk identification, risk mitigation and optimal resource deployment
  • Conducts regular seminars and workshops on numerous topics leveraging advanced analytics to solve complex business challenges (e.g., patient safety, child support enforcement, claims predictive modeling, underwriting predictive modeling)
  • Wrote more than 45 articles and papers related to the areas of advanced analytics, predictive modeling, medical professional liability and issues facing the financial services industry
  • Member of the American Academy of Actuaries and associate of the Casualty Actuarial Society
  • Education, Clarkson University
  • Can be contacted at 860-725-3056 or kbingham@deloitte.com

John Lucker
  • Principal in the Hartford office of Deloitte Consulting’s Actuarial, Risk and Analytics Practice were he is Deloitte’s global insurance advanced analytics and modeling leader, a leader of the Deloitte Analytics Institute and is Deloitte’s global advanced analytics and modeling human capital market leader
  • Practice emphasizes all aspects of advanced analytics, data mining, predictive modeling strategy and execution for the P&C and Life Insurance industries as well as advanced analytics, modeling and optimization science for multiple other industries including banking, retail, consumer products, telecom, pharmaceuticals, health care, hospitality, media and others
  • Conducts regular seminars and workshops on numerous topics leveraging advanced analytics to solve complex business challenges (insurance underwriting, claims, distribution, customer insights and relevancy, marketing, social media, behavioral economics and cognitive biases, end-to-end advanced analytics implementation, scoring and rules engines, organizational change management and others)
  • Wrote more than 35 articles and papers on a variety of advanced analytics, predictive modeling and analytic business and technology topics
  • Frequent speaker with more than 70 speeches for insurance and general industry conferences and events
  • Inventor of one predictive modeling patent and three pending advanced analytic patents
  • M.B.A. degree, University of Rochester – Simon School; B.A. degree, University of Rochester
  • Can be contacted at 860-725-3022 or jlucker@deloitte.com




These Materials are Designed For

This live audio conference is designed for human resource directors, safety directors, insurance professionals, benefits professionals, risk managers, business owners and managers, controllers, CFOs, accountants and attorneys.

CD & Manual - CD Set with bound 28 page manual
Podcast - 82 Minute MP3 with 28 page electronic manual - Immediate Access and No Shipping Cost