Decision Management Solution Blog
What is an Acceptable Analytic Failure?
Many speakers on predictive analytics, machine learning (ML) and AI talk about the need to allow data science teams to fail. Without failure, without a willingness to fail sometimes, it’s very hard to build a successful data science program. This is true and often a barrier for companies that find it hard to accept that not all analytics initiatives succeed.
Tips for Successful Data Science Implementation in Insurance
Nancy Casbarro and Deb Zawisa of Novarico recently published a new paper on Data Science in Insurance: Expansion and Key Issues subscription required) that was summarized in this nice little article on Dig-in 3 challenges facing insurers in data science implementation. These three challenges – getting business buy in, attracting talent, and strategic alignment are exactly […]
Gartner Analyst’s Take on Decision Management: What It Is and Why You Need It
February 20th, 2019 W. Roy Schulte, Research Vice President and Distinguished Analyst at Gartner gave an interesting webinar titled, “Decision Management: What It Is and Why You Need It.” Roy kicked off the webinar by stating that “companies make millions of operational decisions every day,” and how well (or not) they make these decisions is […]
From Machine Learning to Business Learning
Machine learning is the scientific study of algorithms and statistical models that computer systems use to effectively perform a specific task without using explicit instructions, relying on models and inference instead. It is seen as a subset of artificial intelligence. — Wikipedia Machine Learning is increasingly widely used to make predictions. Using machine learning makes it easier and […]
Using Technology to Add Value in Insurance
Matt Josefowticz wrote a great piece recently – Technology May be the Answer for Insurers, but What Was the Question? In this he argues that there are only three levers of value in insurance: 1. Sell More 2. Manage Risk Better (aka underwriting and adjusting) 3. Cost Less to Operate And that while some of these will […]
Core Principles for Decision Management Success in Insurance Claims Handling
To keep processing costs low, many insurance carriers have a goal to increase the percentage of their claims that can be processed and decisioned with no human decision-making involved. This is called increasing the rate of straight-through processing (STP). Perhaps surprisingly, there remains a fair amount of human intervention involved in processing insurance claims. In […]
Five Reasons to Fire Your Rules Consultant
We do a lot of decision management projects, helping clients adopt the technologies and approaches they need to succeed with digital decisioning and decision automation. One of the key technologies for these types of projects is a Business Rules Management System (BRMS). Sometimes, we get push-back on using business rules because existing business rules projects […]
This Week at Think 2019: Delivering Excellent Customer Experiences with Analytics and Automation
Think 2019 is here! Sharpen your skills. Get hands-on experience with the latest technology. Extend your professional network. It’s virtually impossible not to learn something new among this celebrated community of technologists and thought leaders. And have some fun while you’re at it. Explore the technologies that are redefining industries, learn from the experts, and get […]
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