ISO s Data Management Roadmap. October 13, 2015

Transcription

1 ISO s Data Management Roadmap October 13,

2 ISO Data Innovation Two broad areas of focus: Improving the statistical reporting process Reporting instructions (Statistical Plans) Tools for data quality and reporting (Statistical Web Services, Workers Compensation) Helping meet emerging data needs Data for predictive analytics Additional data collaboration opportunities 2

3 Statistical Plan Usability Current phase Adding hyperlinks between TOC and individual data elements FAQs, explanations, examples Adding more of them Making them easier to find Under consideration Moving from PDF towards more interactive platform 3

4 Statistical Plan/Reporting Evolution How can statistical reporting evolve to help meet emerging challenges? Moving beyond traditional fixed-code, fixed-byte, flat file approach? XML format JSON format Communication via API Potential benefits Providing alternative options 4

5 Statistical Data Quality Current state Automated transactional data validation edits Heavy analyst involvement in identification of distributional anomalies and other issues not currently detectible by automated means 5

6 Statistical Data Quality Future State Automated methods for identifying issues Notify you of concerns as soon as possible after receipt of data Streamlining communication channels 6

7 Statistical Web Services Current phase Improved integration of ISO s transactional validation edits into company processing Mechanism to facilitate correcting misreported data Improved access to company submission history (status, alerts, errors, some distributional analysis reports) 7

8 Statistical Web Services Under development Additional data quality tools Communication Portal Integration with other data quality information (Annual Verification, Report Card) 8

9 ISO in Workers Compensation Strategic ISO/Verisk Business 15 Years of Experience Staff includes IAIABC experts and EDI pioneers Started as EDI solution for carriers and has evolved Compliance management for carriers & state governments All Aspects State Alignment EDI system of record for 7 states Industry leader & expanding rapidly State & carrier solutions 9

10 Challenges Of WC Compliance Reporting Workers Comp EDI reporting is a dynamic industry, with state-specific rules and regulations, which are required to be followed by statute. Given our experience in the industry and years of knowledge dealing with the standards, we are able to help alleviate most of the challenges experienced both internally and externally by Workers Comp insurance carriers. 10

11 State Jurisdiction EDI Map WA* MT ND WA ME OR CA NV ID* AZ UT WY CO* NM SD NE KS OK* MN IA* MO AR WI IL* MI* IN KY TN* OH WV VA NC SC NY PA VT NH MA CT NJ MD DE RI TX LA MS AL GA HI FL AK Release 1 State Release 3 State Release 2 State Non-EDI State ISO Managed State *Considering move to Release 3

12 ISO Workers Comp Solutions wcprism, wccapture and wcanalyzer 12

13 Workers Compensation Leveraging analytics to improve WC data quality Improvements in data quality should improve WC predictive analytics Claims Policy data Medical data 13

14 Emerging Data Issues Biggest technological challenges around data*: Variety, Veracity Variety of formats (unstructured text, photos, social media, etc.) Expanding variety of data elements and sources due to emerging business issues Drones Home Telematics (Connected Home) Smart Car Technology Sharing Economy (e.g. AirBnB) Veracity: developing systems for verifying data accuracy * Strategy Meets Action, Big Data in Insurance (ISO/SAS co-sponsored white paper), June

15 Supporting Your Predictive Modeling Current phase Create enhanced predictive analytics to support insurance functions Provide carriers with the ability to append modeling/analytic data from multiple sources to their own data Under development/consideration Integrate with additional Verisk, third-party and social media data sources Collect international data Provide carriers with analytic infrastructure and tools to perform modeling 15

16 New Product: ISO RiskElements Provide archived data to P&C insurers to use as a significant source of the raw material for their inhouse predictive modeling efforts ISO will build on and leverage its experience managing insurance data and assembling analytic datasets as well as its unique data assets Goal Become the first and primary source of data for predictive modeling projects for the P&C insurance industry 16

17 RiskElements Product Design RiskElements Data Asset Vintage: Delivery Modes Verisk Data Data appended to customersupplied file Public Data 3 rd Party Proprietary Data Analytic file built from scratch 17

18 ISO/Carrier Data Collaboration Data initiatives to add value and be carrier focused Initiatives Enhancements & support for stat plan reporting mechanism Enrichment of internal data to yield better predictive models and support product development Develop desired models for specific use cases based on data contribution such as pricing and underwriting analysis

19 ISO/Carrier Data Collaboration Market assessment performed for uptake of data collaboration initiatives Building up and structuring candidate data initiatives are in progress Derived capabilities and benefits Provide cost-effective staging and analytics platform Enable automated statistical data feed Leverage and integrate with additional modeling data sources (Verisk, third party, non-traditional) Provide preferential access to new ISO benchmarking analytics

20 Questions? No part of this presentation may be copied or redistributed without the prior written consent of ISO. This material was used exclusively as an exhibit to an oral presentation. It may not be, nor should it be relied upon as reflecting, a complete record of the discussion.. Insurance Services Office, Inc., 2015