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Being Predictive and Analytical

Test yourself on five basic questions on how well you use your data. The transition from reporting to data warehousing to business intelligence to analytics in the last 20 years has been accompanied by a lot of innovation layered on top of a dramatic, continuing decrease in storage costs and a concurrent increase in the availability of low cost processing power. We all know the story—new tools and new data should increase the power of data to solve thorny insurance business problems like pricing to the risk, smarter risk selection, and prevention of fraud. But are we really solving those kinds of problems with our analytics? The short answer is mostly no. Yes, new tools have lowered the cost

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