Data Analysis Why capturing your data is important… What you do with it – how to react to it…
How We Have Used Our Data OTRP manages the process through the Loss Control Summit Majority of our risk is Auto Liability All of our data is based on what we know…
Annual OTRP Loss Control Summit Loss Control Summit 2013 Working Together to Reduce Transit Losses Standing Strong Provide annually updated analysis of loss trends. Use data to drive loss control efforts and employment of resources Create awareness of emerging risk/exposures and develop responses Create opportunities to share ideas and resources
Loss data from 1/1/2003 to 11/30/2011 Event based Only looked at events with incurred values Total of 1910 Events Total Incurred of $14,152,647 Average Loss per Event of $7,410 Examples of How we have presented our Loss Data
OTRP Utilized to the study to identify patterns of potential future losses Predictive Data Analysis allowed us to look at our losses differently. We normally analyze what HAS happened. This allowed us to see what is likely TO happen.
OTRP’s Experience Re-confirmed what we already knew to be true We were able to identify areas of concerns for specific members (not just the pool as a whole) Let us think about claim indicators that we might not have otherwise. FOR OTHERS: Great management tool for a “hands-off” organization. Claims management tool for claims intensive organizations. Creates the possibility to see things in a new and different way
Standing Strong OHIO TRANSIT RISK POOL Service ● Stability ● Security Serving Public Transit since 1994