By: Jim Haley

1 June 2010

The business landscape for insurance companies continues to change with pressures from the volatile economic conditions. While the business questions have remained the same, they are no longer as easy to answer as in the past. How do we maintain market share, grow our business, keep costs down and generate a profit? How do we best position the organization to take advantage of a harder market when economic conditions improve? 

Finding the right answers to these questions is becoming critical for most insurers, resulting in insurers searching for new tools and strategies. One tool garnering a lot of attention and gaining acceptance in the marketplace today is predictive analytics. Used effectively, predictive analytics is able to assist insurers in gaining and maintaining a competitive edge—a differentiator that is becoming increasingly difficult to achieve in today’s market.
 

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May 19, 2010

By Brendan B. Read

IBM has come out with new predictive analytics software that with three simple clicks, business users can now build predictive models within configurable Web browser interfaces, and run simulations and “what-if” scenarios that compare and test the best outcomes before the models are ever deployed into operational systems.

The IBM SPSS Decision Management solution gives business users now have full control over the analytic process, enabling them to make accurate decisions in real-time, based on changes in strategy, customer buying patterns and behaviors, or fluctuating market conditions. The new product has two versions: one that manages customer interactions via contact center, web, point-of-sale or e-mail and the other specifically designed to help identify fraudulent claims in the insurance industry, which accounts for approximately $30 billion in losses a year.

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