Claims optimization, fraud detection and underwriting pricing are common practices where predictive analytics are being deployed in today’s P&C environment. While these are some of the known areas where significant value can be generated from the implementation of analytics, it’s not a finite list. The application of modeling is actually limitless if the right data is being adequately captured. Paragon’s Data Mining Consulting (DMC) Service is focused on solving challenges that aren’t the norm.

Having utilized predictive analytics within its own operations for years, Paragon understands the challenges associated with the effective implementation of a predictive modeling strategy. Developing the actual models is, in most cases, the easy part of the process.

The true challenges are ensuring that the client’s data is prepared correctly and efficiently putting the results of the models into practice.

Paragon’s DMC delivers the following value added benefits to clients that are attempting to solve their operational challenges with predictive modeling:

  • Experienced resources required to develop custom predictive models
  • Recommendations for the optimal deployment of the modeling results
  • Tools needed to evaluate the success of the models and determine where and when remodeling should take place

System Development

Data mining and predictive modeling can be leveraged by businesses to derive improved workflows. This is only part of the equation. What analytics brings to the table is the insight needed to make better decisions. What organizations ultimately have to solve is how to best implement the results of analytics into their existing environment to fully maximize the underlying value of the data.

Determining the best way to manage and present modeling results back to end users can become a great challenge. While it is possible to leverage spreadsheets and other reports, there are limitations and opportunities for manual errors to occur.

Paragon’s Data Mining System Development service is focused on the development of custom-made applications that effectively present information to the operators. These applications provide clients with streamlined workflow and the ability to track individual progress.

By combining its predictive modeling expertise with its application development knowhow, Paragon is able to deliver the following benefits:

  • Role-based user environments that allows for auditing and approval processing
  • Inclusion of management / metric reporting to track operator performance
  • Controlled environment that captures data updates at the end user level