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.
According to FICO, the Model Central solution provides an environment for managing predictive models in an automated and integrated way. It also presents a management dashboard of overall model health, providing an early warning system to alert personnel of performance degradation.