The Business Purpose of Our Services
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.
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
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.
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.