Swimming in data, but struggling to make sense of it? You’re not alone. There are three critical aspects to unlocking actionable insights from data:
- The ability to collect / access internal data and acquire external data.
- Solid process to clean and manage data so you can trust the insights the data reveals.
- Unleash the power of your data through predictive modeling and other analytic tools.
Data Considerations for Predictive Modeling
Sample Size – Building robust predictive models takes gigantic amounts of data at a granular level. Personal lines carriers benefit from higher volumes, and this can be particularly difficult for commercial lines carriers. We recommend a database with 10,000 claims to be a sufficient sample size, which can be a combination of internal and external data.
Selection Bias – Risk appetites and growth/retention strategies skew the data. How will you round out the data to address biases?
Blind Spots – If growing into new markets is a priority, third-party data can fill in the gaps.
Valen’s Data Capabilities
A majority of insurers do not have large enough data sets to compete on a level playing field when it comes to advanced analytics and predictive modeling. We’ve solved that problem through data consortiums that allow us to augment your data and build customized predictive modeling and analytic solutions.
- Anonymized – Your data is completely protected.
- Cleansed – Your data has never looked so good.
- Detailed – Policy, claims and underwriting inputs are standardized and normalized in a robust data warehouse.
- Recent – We receive daily feeds of policy data.
- Reportable – State of the art visual analytics allow you to analyze the impact to your performance.
Need Data? We have data solutions for models we build and models our clients build internally. Request a consultation to learn more.