Many CEOs hesitate to embrace predictive analytics out of concern over the time and expense of launching the models, according to a panel of high-ranking actuaries and executives at the annual meeting of the Casualty Actuarial Society. The panel presented ideas for educating and encouraging CEOs to press forward with such projects during a presentation entitled “What Executives Need to Know about Predictive Modeling.”

“Executives are becoming infoholics,” said Martin Ellingsworth, president of the ISO Innovative Analytics (IIA) unit at ISO, and actuarial professionals and predictive modelers increasingly are aligned with business leaders to improve insurance operations in marketing, risk assessment, rating, underwriting, claims, agent/customer service, catastrophe analytics, and capital-risk management, to reduce the uncertainty around the carriers’ financial performance, he said.

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