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© 2014 Fair Isaac Corporation. Confidential. This presentation is provided for the recipient only and cannot be reproduced or shared without Fair Isaac Corporation’s express consent. Propel Underwriting Performance with Real-Time Automation and Analytics British Columbia Auto Association’s Story Warren Crawford Client Partner Insurance and Healthcare FICO Scott Horwitz Senior Consultant Analytics FICO
© 2014 Fair Isaac Corporation. Confidential. Propel Underwriting Performance How do you drive underwriting growth while maintaining resources and keeping risk at bay? 2
Agenda © 2014 Fair Isaac Corporation. Confidential. ► Introduction to BCAA Insurance ► Market Advantages ► Challenges ► Goals ► Insurance Strategy ► Why FICO? ► Solution Approach ► Results and Benefits ► Solution Overview ► Looking Ahead 3
© 2014 Fair Isaac Corporation. Confidential. ► Auto Club providing insurance, auto service, travel planning and education ► Serving British Columbians for more than 100 years ► 800,000 Members representing 1 in 4 B.C. households ► Customer satisfaction awards: ► J.D. Power and Associates ► AAA North America ► Vision is to be the most trusted organization in British Columbia, absolutely famous for doing the right thing ► Continuous innovations for their members What Is British Columbia Auto Association? 4
© 2014 Fair Isaac Corporation. Confidential. ► Mature trusted brand ► Data rich ► Access to membership ► Profitable ► Agile size BCAA Market Advantages © 2014 Fair Isaac Corporation. Confidential. 5
► Tier four size ► Sophisticated competitors ► Lacked analytics ► Unable to quickly understand and adjust to market changes The Challenges They Faced © 2014 Fair Isaac Corporation. Confidential. 6
► Organically grow revenue ► Maintain profitability ► Develop a sustainable advantage ► Test, learn and expand BCAA Insurance Strategy 7
© 2014 Fair Isaac Corporation. Confidential. ► Automate faster—and more informed underwriting decisions ► Avoid diluting the current pool of expert underwriters ► Sustain profitability ► Maintain excellent customer satisfaction ► Increase capacity What They Sought to Achieve © 2014 Fair Isaac Corporation. Confidential. 8
Why Did BCAA Partner with FICO? 9
© 2014 Fair Isaac Corporation. Confidential. Solution Approach: Model Expert Underwriting for STP 1234 Loss Ratio Very Profitable Unprofitable Profitable Refer Underwriting Automated Approval N/R Automated Approval Avoid No-DiscountDiscount provided Decline New Business Underwriting Renewal Discounts Deciles (% of Book) by Risk Score Profitability 10
© 2014 Fair Isaac Corporation. Confidential. ► Faster new business intake ► Acceptance of more business ► Revenue increased 47% ► Profitable loss ratio maintained ► Avoided additional staffing costs What Did BCAA Accomplish? 11
© 2014 Fair Isaac Corporation. Confidential. Custom Solution Using FICO ® Predictive Analytics, FICO ® Model Builder and FICO ® Blaze Advisor ® business rules management system The Nuts and Bolts of the Solution 12
© 2014 Fair Isaac Corporation. Confidential. ► Expansion of underwriting analytics ► Leverage insights for future product development ► Extend approach to additional processes and lines of business ► Continuous improvement of STP Looking Ahead 13© 2014 Fair Isaac Corporation. Confidential.
© 2014 Fair Isaac Corporation. Confidential. This presentation is provided for the recipient only and cannot be reproduced or shared without Fair Isaac Corporation’s express consent. Warren Crawford Thank You! Scott Horwitz
© 2014 Fair Isaac Corporation. Confidential. Learn More at FICO World Related Sessions ► Taking Underwriting to the Next Level with Predictive Analytics: Prudential ► Product Showcase: Multichannel Communication Solutions for Insurance Products in Solution Center ► FICO ® Decision Management Platform ► FICO ® Blaze Advisor ® business rules management system ► FICO ® Model Builder Experts at FICO World ► Scott Horwitz White Papers Online ► Connecting Insurance Customers—and Decisions—with Technology Blogs ► 15
© 2014 Fair Isaac Corporation. Confidential. Please rate this session online! Warren Crawford Scott Horwitz 16
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