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.
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.
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