Tag Archives: Decision Management

Risk & Compliance Government Predictions 2019: Automate, Enhance and Secure

Government Predictions 2019
Jan062019

U.S. Government Predictions 2019: Now that we have completed the 2018 election season, people are asking what is in store for 2019.  The good news is that revenues look strong, but there are a number of factors if you look deeper into the numbers.  Also, while often the first year of a legislative session occurs before our political leaders are thinking about re-elections, election cycles have apparently gotten longer, because for many American politicians, the 2020 election season has already begun. Tight Budgets Despite Increases In Overall Spending While the National Association of State Budget Officers has reported a healthy 4.3% increase in general fund spending, most of that new money is going to three places: Medicaid, K-12 education, and pension obligations.  This will likely squeeze out revenue increases in virtually all other areas.  Government will carefully scrutinize any new spending, and will be looking for proverbial “singles”, rather than “home... [Read More]

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Analytics & Optimization Accelerating the Slow March Towards Digitization in the Insurance Industry: Part II

Accelerate digitization insurance
Oct242018

In our previous blog, we outlined five ways that insurers can adopt a decision-first approach to accelerate the digitization of your business. Below, we take a deeper dive into these areas. Adopt a decision-first approach: Rather than start with data, forward-looking insurers are defining their most critical business objectives and decision models before considering data and analytic requirements. Once the decision metrics have been identified – such as loss ratio, geographic distribution, growth, etc. – a carrier can assess data sources in order to gain customer insights and make decision at the exact right moment. The organization can then drive key decisions across all interactions and continuously improve so the next decisions are even more accurate. The leading decision management applications help businesses visually model their decisions before deploying them. Improve your agility by optimizing resources: Digitization is hindered when businesses can’t modify strategies quickly enough or respond to economic,... [Read More]

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Analytics & Optimization Accelerating the Slow March Towards Digitization in the Insurance Industry

Accelerate digitization insurance
Oct222018

Let’s face it – while many see digital disruption as the future in insurance, in fact new entrants into the space have been hindered by the product complexity, distribution systems and legacy infrastructure that the insurance industry carries with it. The landscape is changing, however – consumers (and businesses) are moving quickly to go with insurers that offer targeted, more transparent, 7×24 services. Digitization is indeed alive in insurance, it’s just taking longer to infiltrate – but it is arriving, and insurers that move quickly to upgrade their technologies – particularly, decision management systems – will gain (and grow) a distinct advantage over those who wait. Is the software to blame? Like the industry itself, the insurance software that is used to help make decisions is also stuck between business as usual and the immense possibilities offered by digitization. While policy and claim management system vendors have evolved product functionality... [Read More]

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Analytics & Optimization Unlocking Decision Automation with a 5 Stage Workshop Approach

Digital assets
Aug092018

Automation has played a fundamental role in enabling businesses to make better, more consistent and more strategically sound decisions. Increasingly sophisticated cloud-based software has given organizations the capacity to define the policies and regulations that drive decisions, and then to incorporate analytics into models – decision services – that can be refined to account for changing conditions. But software is only the toolset. Decision automation can be effective only as an enabler for an effective process to decide what decisions to support using decision services, and how those services will be used to drive business processes. For that purpose, a proven, documented process is required. FICO facilitates decision service development for its clients using a methodology called Decision Requirements Analysis (DRA), developed by Dr. Alan Fish, Principal Consultant, FICO Decision Solutions. DRA focuses decision-makers’ attention on a domain of decision-making and decomposes it into a network of decisions, which are... [Read More]

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Analytics & Optimization Vantiv, Now Worldpay: A Decision Management Maturity Rockstar!

Merchant Onboarding
Aug012018

“It’s a long way to the top, if you wanna rock and roll.” Luckily, Decision Management (DM) technology has been invented and has come a long way since AC/DC released this epic anthem in 1975. With solutions like the FICO Decision Management Platform (DMP), the journey from novice to rockstar can be faster than a speed metal riff. In this blog, the last in my series about the FICO Decision Management Maturity Model and Map, I’ll provide a FICO customer example, using merchant onboarding, that illustrates how quickly companies can gain the benefits of becoming DM “rockstars.” Vantiv, now Worldpay, accelerates its Decision Management maturity Vantiv, which recently joined forces with Worldpay, is one of those rockstars. Vantiv is the number-one acquirer in the US, UK and worldwide, annually processing 40 billion transactions valued at $1.5 trillion. I recently caught an excellent session at FICO World 2018 featuring Worldpay’s rapid... [Read More]

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