FICO, a provider of analytics and decision management technology, has launched a solution aimed at improving the ROI for predictive models used in insurance. The Model Central solution from FICO is designed to enable a reduction in model deployment times for insurers by as much as 50 percent, while also providing the first indications that a model's performance may be damaging profitability.
Insurers increasingly use predictive analytics models in mission-critical decisions, but according to FICO, today's model management processes hinder performance. In a recent survey conducted by the provider, 64 percent of insurers said they lacked the ability to rapidly deploy or update models to maximize business impact. One-third of insurers surveyed said implementing a new model takes four to six months, and 51 percent said it takes six months or longer.
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