Big Data, Predictive Analytics, and Baseball

Canadian insurers have been employing predictive analytics since the mid-late 2000s to empower many aspects of their business. On the property side, however, predictive analytics has not been fully applied, and the primary consequence has manifest as an 11 billion dollar insurance-to-value (ITV) challenge.

Big Data, Predictive Analytics, and Baseball (The trio that's transforming property insurance) - image of a baseball player in a picture frame.

There’s been a misconception that predictive analytics could not be applied to the property side, given all the compounding factors contributing to a loss. Even when some data has been available, there has been a lack of confidence in its accuracy. implementation.

Fortunately, iClarify, a property validation and valuation tool recently developed by Opta, has debunked many of the old misconceptions about property data. iClarify is now being praised by many industry associations as a tool vital for the accurate underwriting of property risks across the country.

This story, along with insider details on the workings of the new property validation and valuation tool that has rescued the property industry from the ITV crisis, is chronicled in a white paper just released by Opta. This white paper provides details about the development of iClarify as well as insight into its use of complex predictive algorithms to obtain accurate values and property information at point of sale for residential properties across the country.

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