February 20th, 2019 W. Roy Schulte, Research Vice President and Distinguished Analyst at Gartner gave an interesting webinar titled, “Decision Management: What It Is and Why You Need It.” Roy kicked off the webinar by stating that “companies make millions of operational decisions every day,” and how well (or not) they make these decisions is […]
Machine learning is the scientific study of algorithms and statistical models that computer systems use to effectively perform a specific task without using explicit instructions, relying on models and inference instead. It is seen as a subset of artificial intelligence. — Wikipedia Machine Learning is increasingly widely used to make predictions. Using machine learning makes it easier and […]
Matt Josefowticz wrote a great piece recently – Technology May be the Answer for Insurers, but What Was the Question? In this he argues that there are only three levers of value in insurance: 1. Sell More 2. Manage Risk Better (aka underwriting and adjusting) 3. Cost Less to Operate And that while some of these will […]
To keep processing costs low, many insurance carriers have a goal to increase the percentage of their claims that can be processed and decisioned with no human decision-making involved. This is called increasing the rate of straight-through processing (STP). Perhaps surprisingly, there remains a fair amount of human intervention involved in processing insurance claims. In […]
We do a lot of decision management projects, helping clients adopt the technologies and approaches they need to succeed with digital decisioning and decision automation. One of the key technologies for these types of projects is a Business Rules Management System (BRMS). Sometimes, we get push-back on using business rules because existing business rules projects […]
Think 2019 is here! Sharpen your skills. Get hands-on experience with the latest technology. Extend your professional network. It’s virtually impossible not to learn something new among this celebrated community of technologists and thought leaders. And have some fun while you’re at it. Explore the technologies that are redefining industries, learn from the experts, and get […]
Several of this year’s International Institute for Analytics predictions point towards a DecisionsFirst decision management approach.
“While most companies understand the importance of analytics and have adopted common best practices, fewer than 20 percent, according to a recent McKinsey Analytics survey, have maximized the potential and achieved [Advanced Analytics] at scale.” The same survey data is used in a great piece of McKinsey analysis – Breaking away: The secrets to scaling […]
80% of data and analytics leaders with global life insurance and property & casualty carriers surveyed by McKinsey reported that their analytics investments are not delivering high impact. What’s stopping them from delivering high impact? 38% of those surveyed cited a failure to integrate analytics into workflows and frontline systems. This was the leading obstacle to […]
We have a new Leading Practices brief available – Decision Modeling and DMN for IBM Customers. IBM has long been a leading player in business rules management systems and Decision Management Solutions has many customers using IBM Operational Decision Manager in North America and Asia. Our DecisionsFirst Modeler software decision requirements modeling using the Decision […]