Predictive Modeling: Rules of Thumb for Communicators
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This PowerPoint report, presented by Robert Hartwig, president of the Insurance Information Institute, at a meeting of the Insurance Marketing Communications Association, discusses the use of predictive modeling by insurers. Predictive modeling is defined as a process used to create a statistical model of future behavior. Contrary to the belief of many that the technique is new, it is in fact as old as insurance itself. In insurance, predictive models are primarily concerned with forecasting probabilities, trends and relativities. The thrust of the presentation is how this complex modeling process is a challenge for communicators because some predictive factors and models are not intuitive and their usage often not explained. The presentation also deals with the difficulty that regulators may have in understanding the process. The presentation concludes with six rules of thumb for communicators: educate, participate, anticipate, identify, disseminate and coordinate. Each is briefly discussed.
The following presentation is called "Predictive Modeling: Rules of Thumb for Communicators". It was presented by Dr. Robert P. Hartwig on September 18, 2007.
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