Francis Analytics
Actuarial Data Mining Services

 

 

Contact us:
215-923-1567

louise.francis@data-mines.com

 

The Business Purpose of Our Services

Consulting

Custom Data-Modeling – Data-modeling helps to companies to improve the accuracy and speed of core business processes critical to competitive advantage. Francis Analytics can create multivariate, non-linear models using internal and external data sources by applying state-of-the-art modeling mathematics and advanced statistical methods. Francis Analytics’ models help to support more data-driven decision-making at both a management and transaction level.

Technical Review –The internal technology and mathematics of modeling is difficult to assess and may be controlled outside vendors. Francis Analytics can provide independent technical review of modeling methods, projects and key deliverables provided by outside vendors. With independent review performed by Francis Analytics, managers can be satisfied that a highly experienced independent expert and a qualified actuary has evaluated models before they are implemented.

Proposal Development – Creating a vision and clear objectives for modeling projects helps to define a successful outcome and is critical to gaining broad organizational support. Key proposal documents are also the basis for prioritizing multiple projects, for determining what to model, and for selecting modeling methods and vendors. Francis Analytics will assist managers and users in creating proposals, RFP's and internal planning documents to initiate modeling projects. Proposal Development assures that the project has senior management input and has a measurable outcome as its aim. Proposal Development can be part of Project Management.

Model Validation and Analysis – The model validation process is a technical phase of modeling projects that is the cornerstone of future decisions and the ultimate use of the model results. No model can be deployed before its results are validated and the potential impact is understood. Modeling deliverables associated with validation can be complex to interpret and difficult to promote internally. Managers must have confidence in their understanding of the modeling process and results. Francis Analytics can independently validate model results and provide a technical report of the validation. Francis Analytics can analyze the validation process of an outside vendor and provide an independent report on the methods and validation artifacts. Francis Analytics can also analyze and report on the model results to help managers assess the potential performance impact to core processes. Model Validation and Analysis can be part of the Project Management Services.

 

Project Management

Modeling Project Management –The development and execution of a formal project plan helps to control for operational risks and costs associated with modeling projects. A strong project plan also helps to communicate modeling goals and objectives across management levels, functional areas and diverse business units. Francis Analytics consultants will manage and coordinate internal and external resources and outside modeling vendors to deliver on-time and on-budget across multiple projects, locations, lines of business and processes. Francis Analytics will work directly for the Project Sponsor and coordinate internally with other manager and stakeholders. The key deliverable is a project plan that becomes a reference document for the modeling project, validation, and future implementation projects.

Dataset Development Project - Creating the model dataset is a key phase of a modeling project, requiring technical analysis and resources and internal project management. In addition to creating the model dataset, the project must create a re-usable data extraction process that can be managed as an ongoing, repeatable initiative. An independent dataset development project also helps separate the company’s proprietary data and intellectual property from the selection of modeling vendors. Francis Analytics can manage the dataset phase by providing experienced analysts to lead underwriters, line managers and data administrators through a robust data "sources and uses" discovery effort. Francis Analytics can also help the company to create and control intellectual property associated with data sources and uses. The key deliverable is a model dataset Data Dictionary and Diagram. These project documents are critical to future modeling phases and objectives. Dataset Development can be part of Project Management Services.

Implementation Project Management – Implementation or integration of the results of data-modeling initiatives involves both technical and business process projects. Technical integration will depend on the intended use and the information systems affected and will involve potentially multiple development projects. Non-technical integration involves business processes both at the management level and at the transaction level. The use of models in core business processes will be new to most managers and users. Implementation projects must be designed and managed to exploit process improvements enabled by modeling and to build organizational confidence in the vision established by senior management. Implementation is also part of the intellectual property of the company that should be documented and controlled independent of modeling vendors.

Francis Analytics can provide project management services to help companies develop, plan and complete implementation projects on-time and on-budget. The key deliverable associated with this service is a project management plan. The project plan and its execution help control for operational risks and contingencies of the project and to control intellectual property created by the initiative.

 

Training

Education – Companies contemplating modeling may want to begin by simply educating their actuaries, underwriters, claim managers and senior management about the technical and non-technical aspects of modeling and data-mining. Francis Analytics can provide focused in-house training sessions with expert content and experienced modeling practitioners.