Decisioning Platform General Overview
Decisioning Platform For Insurance
Decisioning Platform For Financial Services
What is truly groundbreaking about the STATISTICA Decisioning Platform is its complete integration of the 7 key attributes for effective use of predictive analytics within an organization:
The STATISTICA Decisioning Platform is a proven solution that provides an effective platform to:
The Decisioning Platform was first released with STATISTICA 11.
The STATISTICA analytics suite of applications efficiently delivers accurate predictive models for improved decision-making throughout an organization. There are several components to make this happen:
Within an organization, personnel with differing skills and responsibilities collaborate to achieve an outcome. STATISTICA includes user personalization, so that differing user groups see the data, capabilities, user interfaces, options, and workflows specific to their areas of responsibilities. For example:
Within an organization, there are many areas for applying predictive analytics. For example, predictive models can deliver recommendations for different products, departments, customers, and so on. STATISTICA Decisioning Platform makes it easy for the quantitative analysts who are responsible for the verification, deployment, and ongoing management of these models. Models are managed in one central location, on the STATISTICA Server. Models are managed with versioning and history so that analysts have complete control over which version meets the regulatory requirements and is approved.
In all the ways in which predictive analytics can be utilized, there are different business needs that require different types of scoring of data. In some cases, real-time scoring is needed, such as when the information on an insurance claim changes or when an instant credit decision is required. In other cases, a set of data, in a file or database or data warehouse, needs to be scored off-line. For example, a set of prospective customers is scored based on their propensity to purchase a new product, so that customer service personnel will focus time and attention on the most likely prospects who will become profitable customers.
Predictive analytics requires both predictive modeling and decision rules working hand-in-hand. An organization’s quantitative analysts use STATISTICA’s data mining approaches to detect and capture patterns in their historical data. Those patterns have a business context. In some cases, there are specific rules that influence or supersede the recommendations from the predictive models, such as business rules, governing laws, and other factors. For example, in North America, insurance rules differ by state. Based on the characteristics of a claim, a predictive model may predict a high likelihood of subrogation, but business rules would also be employed to determine whether subrogation is possible in the particular state in which the claim was filed.
With STATISTICA, the tasks of building and deploying scorecards, scoring models, and flows can now be completed in a fraction of the time, allowing more models to be managed and routinely recalibrated. More customers can be approved for credit with higher limits, without increasing the default rate. Batch scoring of all customers and accounts will be faster, and real-time scoring for on-line or other real-time applications will be more responsive.
The STATISTICA Decisioning Platform addresses the typical array of challenges for medium and large financial services organizations:
The STATISTICA Decisioning Platform addresses these needs by:
The STATISTICA Decisioning Platform is the only enterprise predictive analytics and decision management software platform:
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Insurance companies are utilizing predictive analytics, text mining, and decision rules throughout their organizations to:
STATISTICA's Predictive Claims Flow™ can benefit your organization in such areas as:
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The ability to quickly deploy complex decision rules involving sophisticated and continuously updated predictive models against the latest data will have significant business impact. STATISTICA Decisioning Platform delivers solutions for organizations in a variety of industries: