FICO, a provider of analytics and decision management technology, launches a new solution aimed at improving the ROI for predictive models used in insurance. FICO Model Central Solution for Insurance enables insurers to reduce model deployment times by as much as 50 percent, while also providing the first indications that a model's performance may be damaging profitability.
Insurers use predictive analytics models in mission-critical decisions, but today's model management processes hinder performance. Most insurers have inconsistent or inefficient methods for tracking model performance, updating models, and implementing new models in production systems.
In a recent FICO survey, 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 that implementing a new model takes four-to-six months, and 51 percent said it takes six months or longer.
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