The Claims division for a major property & casualty insurance carrier came to Corios because they needed to reduce the time to build and operationalize their claims actuarial predictive scoring models from 24 months to 6 months.
The extensive cost of translating models from one platform to another made this a business-critical challenge. But the project also presented the opportunity to develop an integrated strategy between the organization’s IT and actuarial teams – which would allow all future models to be developed and deployed in dramatically shorter time frames.
Leveraging our proprietary Conductor process, the Corios team conducted structured interviews and benchmark analyses of the client’s analytics operations to assess their maturity at the corporate level, to define the most important process and capability development priorities for the enterprise-level analytics initiative, and to identify a roadmap for reaching their desired future state.
With the maturity assessment and roadmap at hand, Corios laid out a work plan that both business and IT stakeholders were able to understand. These two disparate groups saw how Corios’ solution would stitch together their teams’ goals, skills, capabilities, and processes for improved operations and streamlined deployment. Equipped with this understanding, Corios worked with the client organization to complete construction of their enterprise analytics platform and real-time scoring models in 6 months, coming in ahead of time and under budget.