Ratemaking

In ratemaking, it is important to accurately estimate the frequency and severity of expected claims so that premiums are set properly. The premiums need to cover payouts adequately while providing a competitive cost to the customer. The bottom line is, risk and the expected value of payouts must be accurately estimated to set optimal pricing.

STATISTICA offers predictive model building tools applicable in a variety of areas including underwriting, ratemaking, claims management, and fraud detection. In addition, STATISTICA Enterprise allows the company to monitor and alert automatically when patterns change. This helps to stay ahead of factors that will influence premiums. Forecast models may be enhanced by the addition of unstructured text information to the predictive variable pool.

STATISTICA Solution

  • Understand and model risk: From traditional statistical procedures to complex data mining algorithms, STATISITCA offers all the tools needed for actuarial analysis. 
  • Find anomalies that may indicate fraud: Tools like principal component analysis and clustering reveal claims that differ from the majority.
  • Improve analysis by adding free form text: STATISTICA Text Miner allows you to harness the value hidden in free form text and enhance the analysis.
  • Visualize the data and results: STATISTICA offers high powered, easily customizable graphics for exploring the data and displaying the results.
  • Automatically monitor metrics that indicate changes in risk: STATISTICA Enterprise automates data retrieval and analyses, sending alerts when necessary.
  • Real-time scoring from predictive models: STATISTICA Live Score gives instant access to deployment of the predictive models of risk.

Included Technologies

Content

Contact Us

StatSoft, Inc
2300 East 14th Street
Tulsa, Oklahoma, 74104
(918) 749-1119
info@statsoft.com