Fico has unveiled new technology which it says will enable insurers to reduce analytic model times by as much as 50%.
The analytics and decision management company said the Fico Model Centre of Insurance would also allow insurers to identify early when model performance is drifting and manage predictive models in an efficient and automated way.
It will also help them to increase the deployment of predictive models regardless of what model technology is used, the firm added.
Fico said the technology aimed to address the inconsistent or inefficient methods most insurers use for tracking the performance of the predictive analytics models they use in mission-critical decisions.
According to Fico, 64% of insurers it recently surveyed said they lacked the ability to rapidly deploy or update models to maximise business impact and 51% said implementing a new model would take six months or more.
Russ Schreiber, Fico vice president and head of its insurance practice, said: 'Leading insurers rely on analytics across lines of business for marketing, customer management, underwriting, claims, and fraud prevention.
'High-performing analytics are a cornerstone of high-performing insurers. The value Model Central offers is the ability to rapidly identify when model performance is drifting and then accelerate the deployment of more predictive models regardless of the modeling technology used.'
Fico said the technology would 'lay a foundation' for insurers operating in the European Union to meet new capital adequacy and risk management requirements made under Solvency II rules.
In particular, it aims to provide a view across silos such as geographies, lines of business and process areas, as well as access to legacy assets, improvements and data quality and availability, advanced management of analytic assets and complete transparency for audits.
These capabilities will address insurance regulations elsewhere in the world, Fico added.
