San Diego — Health insurers have been known to use predictive modeling within a number of business processes—claims, fraud detection, underwriting, etc. However, new advances in predictive modeling will play an increasingly important role in the property/casualty insurance business in the next decade, panelists told the Casualty Actuarial Society (CAS) Predictive Modeling Seminar in October.
“There is a growing recognition in cognitive psychology, behavioral economics and business that predictive models across the board in many different industries, including property/casualty insurance, help human experts make decisions more accurately, objectively and economically,” said plenary session moderator Jim Guszcza, the national predictive modeling lead for Deloitte Consulting LLP.
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